Agenda - 11-05-2007-4d - Laserfiche WebLink

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3.03. Term of Office and Election of Bank Directors and Small Business Directors. (a) The initial Bank Directors and Small Business Directors, and their initial terms o~'of~ce, shall be as ollows: Name and Address Position Expiration of Term Bradley Curelop BB&T Bank Director June 30, 2009 Glynn Folk Small Business Director June 30. 2009 Ink Spot Copy ShoA Carrboro Jim Evans Harris ton Bank Bank Director June 30, 2010 Sher~y Gray Small Business Director June 30. 2010 Yesterday & Today Frame Shoa Hillsborou h 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 off' each Director shall continue until such Director's successor has been duly appointed and qualified for_offce. Directors may serve an unlimited number o terms. (c) Each year, not earlier than May 1 and not later than June 15, beginning in the year 2009, all three 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 anv meetin~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 servin~_n. office are in attendance at the meeting-. d) In electing Directors, the Board will endeavor _. to provide for ~~eographic 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 ey qrs. The guidelines in this paragraph, however are advisory only, and shall not be deemed to create rights in anv Director or any other person. 3.04. Resignation. Any Director may, by written notice to the Secretary, resi ng at any time.