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3 <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 seven persons. <br />3.02. Composition. The composition of Board of Directors shall be as <br />ollows: <br />~(a) One member of the Orange County Board of Commissioners, as <br />desi n~ ated by that Board in such manner as may be reasonably acceptable to the <br />Secretary; <br />(b) One member of the Oran~-e County Economic Development <br />Commission as designated by that Commission in such manner as may be <br />reasonably acceptable to the Secretary; <br />~) The Director- o,~' the Orange County Economic Development <br />Commission; <br />The Directors described in ~a,~(b) and ~c) above are referred to in these <br />Bylaws as the "Count~Directors. "7 <br />(d) Two emplo ey es off nancial institutions (the "Bank Directors "); and <br />(e) Two small business owners (the "Small Business Directors ") <br />(~ Orange County Financial Services Director (ex o f acio~ <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 />