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17q <br />earnings of the Association shall go to the benefit of, or be <br />distributable to its members, trustees, officers or other private <br />persons, except that the association shall be authorized and <br />empowered to pay reasonable compensation for services rendered and <br />to make payments and distributions in furtherance of the purposes <br />set forth in this Article I hereof; notwithstanding any purposes <br />set forth in this Article I hereof and notwithstanding any other <br />provisions of these By-laws, the Association shall not carry on any <br />other activities not permitted to be carried on by an association <br />exempt from federal income tax under section 501 (c) 3 of the <br />Internal Revenue Code of 1954, or a corresponding provision of any <br />future United States Intera" Revenue Law. <br />ARTICLE II <br />of f ices <br />The principal office of the Association shall be co-located with <br />the Chapel Hill-Carrboro Chamber of Commerce, but the location of <br />such office may be, from time to time, otherwise designated and <br />changed by the Board of Directors. <br />ARTICLE III <br />Directors <br />Section 1 - General Powers <br />The property and affairs of the Association shall be managed and <br />controlled by the Board of Directors. <br />Section 2 - composition; Basic Members <br />The Board of Directors shall be composed of the following individu- <br />als: <br />1. Chancellor of the University of North Carolina-Chapel <br />Hill and a senior officer of the University appointed by <br />the Chancellor <br />2. Mayor and Town Manager of Chapel Hill <br />2 <br />