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affairs of the corporation shall be managed and all corporate powers shall be exercised under the ultimate direction of the Board of Directors. Section 6.01. Number of Directors. The authorized number of directors of the corporation shall not be less than ten (10) nor more than twenty (20) until changed by amendment of the ArtiGes of Incorporation or by a bylaw amending this Section 6.02. The exact number of directors shall be fixed from time to time, within the limits specified in this Section 6.02, by the Board of Directors. Section 6.02. Number of Directors. The authorized number of directors of the corporation shall not be less than twelve (12) nor more than twenty-four (24) until changed by amendment of the ArtiGes of Incorporation or by a bylaw amending this Section 6.02. The exact number of directors shall be fixed from time to time, within the limits specified in this Section 6.02, by the Board of Directors. The composition of the Board of Directors shall, insofar as is practical, meet the definition of a Community Housing Development Organization as defined by the United States Department of Housing and Urban Development. Section 6.03. Selection of Directors. Except for the initial directors as described in Section 6.05 below, the authorized number of directors is 12. Directors shall be selected in the following manner: (a) The elected Boards of the Town of Carrboro, the Town of Chapel Hill, the Town of Hillsborough, and Orange County shall each appoint one member. (b) The remaining members shall be appointed by a majority vote of the existing Board at a meeting called or designated for that purpose. These appointments shall be made at the Annual Meeting, and new members shall be seated at the meeting following the Annual Meeting. These appointments must assure that the provisions of Section 6.02 above are met with .respect to membership. Section 6.04. Qualifications of Directors. Each Director shall be a natural person at least 18 years of age. It is the intent of the corporation that the composition of the Board of Directors shall represent a diversity of technical skills to enable the Board of Directors to make informed, well-balanced decisions on the economic viability and social impact of its activities. These individuals might represent the financial institutions, realtors, builders, or other organizations active in service or advocacy for the Corporation's target populations. It is the intent of the Corporation that there shall be a socio-economic, racial, gender and geographic diversity among the Board of Directors. Section 6.05. Election and Term of Office. The thirteen (13) initial members of the Board of Directors named in the ArtiGes of Incorporation shall serve until their successors have been selected and seated at the Corporation's first annual meeting in September, 1990. At this annual meeting, the Directors shall be classified into three groups for the purpose of providing, as nearly as numerically possible, for the election of one-third of the Board of Directors in each subsequent year. Except as provided above for the terms of the initial directors and the terms of the first two classes of directors, the term of office of each director of the corporation shall be three (3) years and until his or her successor has been selected and seated. A director may serve two (2) consecutive terms and then may be reappointed after an absence of one year. Section 6.06. Vacancies and Removal. A vacancy in the Board of Directors shall be deemed to exist on the occurrence of any of the following: (i) the death, resignation, or removal of any director; (ii) the deGaration by the Board of Directors of a vacancy in the office of a Director who has missed three (3) 2