Section 1. Number. the affairs of this Association shall be managed by a Board of Directors, who need not be members of the Association. The initial Board of Directors shall consist of three (3) members. At such time as there are three hundred (300) Class A members of the Association, the Board of Directors shall be increased to five (5) members at the next annual meeting. At such time as there are six hundred (600) Class A members of the Association, the Board of Directors shall be increased to seven (7) members.

Section 2. Election. At each annual meeting the member shall elect all directors for a term of one year.

Section 3. Removal. Any directors may be removed from the Board, with or without cause, by a majority vote of the members of the Association. In the event of death, resignation or removal of a director, his successor shall be selected by the remaining members of the Board and shall serve for the unexpired term of his predecessor.

Section 4. Compensation. No director shall receive compensation for any service he may render to the Association. However, any director may be reimbursed for his actual reasonable expenses incurred in the performance of his duties.

Section 5. Action Taken Without a Meeting. The directors shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all the directors. Any action so approved shall have the same effect as though taken at a meeting of the directors.