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u <br />Attachment 1 <br />All persons serving as County Directors shall be deemed to be serving as <br />Company Directors as a part of that individual's duties of office, and shall not be <br />considered to be serving in a separate office. A person serving as a Director in such <br />capacity shall immediately cease to be a Company Director upon such individual's <br />cessation of service in the referenced capacity, whether or not such member's successor <br />has been appointed and qualified for office. <br />Each appointing authority for the Directors described in (a) and (b) above shall <br />communicate any designation of a Director to the Secretary in any such manner as may <br />reasonably acceptable to the Secretary. <br />3.03. Term of Office and Election of Bank Directors and Small Business <br />Directors. <br />(a) The initial Bank Directors and Small Business Directors, and their initial terms <br />of office, shall be as follows: <br />Name and Address <br />Position <br />Expiration of Term <br />Bradley Curelop <br />Bank Director <br />June 30, 2009 <br />Glynn Folk <br />Small Business Director <br />June 30, 2009 <br />Ink Spot Copy Shop <br />Carrboro <br />Jim Evans <br />Bank Director <br />June 30, 2010 <br />Harrington Bank <br />Sherry Gray <br />Small Business Director <br />June 30, 2010 <br />Yesterday and Today <br />Frame Shop <br />Hillsborough <br />(b) Each subsequent Bank Director and Small Business Director shall serve for a <br />term established by the Board but not exceeding two years, in order to provide for an <br />orderly staggering of terms among members of the Board. In any event, however, the <br />term of each Director shall continue until such Director's successor has been duly <br />appointed and qualified for office. Directors may serve an unlimited number of terms <br />(c) Each year, not earlier than May 1 and not later than June 13, beginning in the <br />year 2009, all Directors shall meet to elect one Bank Director and one Small Business <br />Director to take office on the following July 1. Such election may take place at any <br />meeting of the Board, provided that either (i) notice of the meeting has indicated the <br />election of Directors as among the purposes of the meeting, or (ii) all Directors then <br />serving in office are in attendance at the meeting. <br />(d) In electing Directors, the Board will endeavor to provide for geographic <br />diversity among Bank Directors, and will endeavor to provide for at least one Small <br />Business Director to have been in business for at least three years. The guidelines in this <br />