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the Board of Directors may elect another person to fill that position and to serve a three <br />(3) year term (and such Director may be reelected as provided for in this Code of <br />Regulations.) The President shall nevertheless continue to serve as a Director through his <br />or her term as President even if this causes the Board of Directors to have eighteen (18) <br />Directors. <br />Section 3. Removal. Any officer elected by the Board of Directors may be <br />removed with or without cause by the majority action of the Board of Directors present at <br />a meeting. <br />Section 4. Vacancies. A vacancy in office because of death, resignation, <br />removal, disqualification or otherwise may be filled by the Board of Directors for the <br />unexpired portion of the term. In the event of a vacancy in the office of President, the <br />individual filling the vacancy, if filling the vacancy for one (1) year or less, shall be <br />eligible for re- election to a full three (3) year term as President. In the event the <br />individual elected to fill a vacancy as President serves in that position for more than a <br />year, such individual shall not be eligible to be re- elected to serve a full three (3) year <br />term as President. <br />Section 5. President. The following provisions shall govern the office of <br />President: <br />(a) The President shall be elected from among the Directors of the <br />Corporation and shall preside at all meetings of the Board of Directors. <br />(b) The President shall be an ex officio member of all committees which may <br />be from time to time elected or appointed. <br />(c) The President may sign, with the Secretary or any other officer of the <br />Corporation authorized by the Board of Directors, any deeds, mortgages, <br />bonds, contracts or other instruments which have been authorized to be <br />executed, except in cases where the signing and the executions thereof <br />would be expressly delegated by the Board of Directors or by this Code of <br />Regulations or by statute to some other officer or agent of the Corporation; <br />and in general, the President shall perform all duties incident to the <br />function of a President of the Board and such other duties as may be <br />prescribed by the Board of Directors from time to time. <br />Section 6. Vice- President. A Vice - President shall be elected from among the <br />Directors and, in the absence of the President, the Vice - President shall perform the duties <br />of President when the office of President is vacant or the President is unable or <br />unavailable to act. <br />(K0670267.1) 8 <br />