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9 <br /> ti <br /> ARTICLE IV <br /> COMMITTEES <br /> 4.01. Loan Committee. The Board shall, from time to time as may be convenient <br /> for the Company's purposes, meet as a Loan Committee of the whole for the purposes of <br /> considering applications for loans through the Small Business Loan Program for which the <br /> Company has been formed, and for related purposes. <br /> 4.02. Other Committees. The Board, upon authorization by the affirmative vote of at <br /> least five Directors (including at least two County Directors), may from time to time establish <br /> additional committees and appoint committee members, for such purposes not inconsistent with <br /> law (including N.C.G.S. 55A-8-25) as the Board may determine from time to time to be in <br /> furtherance of the Company's purposes. Committees may include persons other than Directors, <br /> but each committee must include at least two Directors. <br /> 4.03. Committee Meetings and Other Procedures. The procedures for the calling of <br /> meetings and conduct of other business by committees shall be in accordance with the provisions <br /> set out in these Bylaws as applicable to the Board as a whole. <br /> ARTICLE V <br /> MEETINGS OF DIRECTORS <br /> 5.01. Regular Annual Meeting The Board shall meet at least annually for the <br /> purpose of electing officers,passing upon reports of the previous year and transacting such other <br /> business as may come before the meeting. The County Directors, by notice provided to all <br /> Directors as provided for in Section 5.06, shall establish the date, time and place of such annual <br /> meeting. If the County Directors make no alternate provisions, the Board shall meet at 9:00 a.m. <br /> on the first Monday of May in each year, at the Company's principal office. The Secretary- <br /> Treasurer shall give notice of the regular annual meeting as provided for in Section 5.06. <br /> 5.02. Special MeetiM. Special meetings of the Board may be called by the <br /> President or by any two Directors, and it shall thereupon be the duty of the Secretary-Treasurer to <br /> cause notice of such meeting to be given as provided in Section 5.06. The President or the <br /> Directors calling the meeting shall fix the time and place for the holding of the meeting. <br /> 5.03. Informal Action. Action taken by the Directors without a meeting is <br /> nevertheless Board action if written approval of the action in question is signed by all of the <br /> Directors and filed with the Company's official minutes. <br /> 5.04. Qom. Five Directors, including at least two County Directors, shall <br /> constitute a quorum; provided, however, that if less than such number of Directors is present at <br /> any duly called meeting, a majority of the Directors present may adjourn the meeting from time <br />