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10shareholders without counting any shares of the director who would be the borrower or unless the director
who would be the borrower is the sole shareholder of the Corporation.
ARTICLE III
OFFICERS
1. Election of Officers
The Board of Directors, as soon as may be practicable after the annual election of
directors, shall elect a President, a Secretary, and a Treasurer, and from time to time may elect or appoint
such other officers as it may determine. Any two or more offices may be held by the same person. The
Board of Directors may also elect one or more Vice Presidents, Assistant Secretaries and Assistant
Treasurers.
2. Other Officers
The Board of Directors may appoint such other officers and agents as it shall deem
necessary who shall hold their offices for such terms and shall exercise such powers and perform such
duties as shall be determined from time to time by the Board.
3. Compensation
The salaries of all officers and agents of the Corporation shall be fixed by the Board of
Directors.
4. Term of Office and Removal
Each officer shall hold office for the term for which he is elected or appointed, and until
his successor has been elected or appointed and qualified. Unless otherwise provided in the resolution of
the Board of Directors electing or appointing an officer, his term of office shall extend to and expire at the
meeting of the Board following the next annual meeting of shareholders. Any officer may be removed by
the Board with or without cause, at any time. Removal of an officer without cause shall be without
prejudice to his contract rights, if any, and the election or appointment of an officer shall not of itself create
contract rights.
5. President
The President shall be the chief executive officer of the Corporation, shall have general
and active management of the business of the Corporation and shall see that all orders and resolutions of
the Board of Directors are carried into effect. The President shall also preside at all meetings of the
shareholders and the Board of Directors.
The President shall execute bonds, mortgages and other contracts requiring a seal, under
the seal of the Corporation, except where required or permitted by law to be otherwise signed and executed
and except where the signing and execution thereof shall be expressly delegated by the Board of Directors
to some other officer or agent of the Corporation.
6. Vice Presidents
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