Agenda - 01-15-2008-4m - Laserfiche WebLink

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3 (a) The initial Bank Directors and Small Business Directors, and their initial terms of office, shall be as follows: Name and Address Position Expiration of Term Bradley Curelop Bank Director June 30, 2009 BB&T Glynn Folk Small Business Director June 30, 2009 Ink Spot Copy Shop Carrboro Jim Evans Bank Director June 30, 2010 Harrin ton Bank Sherry Gray Small Business Director June 30, 2010 Yesterday & Today Frame Shop Hillsborou h (b) Each subsequent Bank Director and Small Business Director shall serve for a term established by the Board but not exceeding two years, in order to provide for an orderly staggering of terms among members of the Board. In any event, however, the term of each Director shall continue until such Director's successor has been duly appointed and qualified for office. Directors may serve an unlimited number of terms. (c) Each year, not earlier than May 1 and not later than June 15, beginning in the year 2009, all Directors shall meet to elect one Bank Director and one Small Business Director to take office on the following July 1. Such election may take place at any meeting of the Board, provided that either (i) notice of the meeting has indicated the election of Directors as among the purposes of the . meeting, or (ii) all Directors then serving in office are. in attendance at the meeting. (d) In electing Directors, the Board will endeavor to provide for geographic diversity among Bank Directors, and will endeavor to provide for at least one Small Business Director to have been in business for at least three years. The guidelines in this paragraph, however, are advisory only, and shall not be deemed to create rights in any Director or any other person. 3.04. Resignation. Any Director may, by written notice to the Secretary, resign at any time. 3.05. Removal. (a) A County Director may be removed only by such Director's appointing authority.