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2 <br />ARTICLE III <br />Board of Directors <br />3.01. General Powers. The Company's business and affairs shall be <br />managed by a Board of Directors consisting of eight persons. <br />3.02. Composition. The composition of the Board of Directors shall be as <br />follows: <br />(a) One member of the Orange County Board of Commissioners, as <br />designated by that Board from time to time; <br />(b) One member of the Orange County Economic Development <br />Commission, as designated by that Commission from time to time; <br />(c) The Director of Orange County Economic Development; <br />(d) The Orange County Financial Services Director; <br />[The Directors described in (a), (b), (c and (d) above are referred to in these <br />Bylaws as the "County Directors. "J <br />(e) Two employees of financial institutions (the "Bank Directors"); and <br />(f) Two small business owners (the "Small Business Directors"). <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 <br />successor has been appointed and qualified for office. <br />Each appointing authority for the Directors described in (a) and (b) above <br />shall communicate any designation of a Director to the Secretary in any such <br />manner as maybe reasonably acceptable to the Secretary. <br />3.03. Term of Office and Election of Bank Directors and Smail Business <br />Directors. <br />