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16 <br /> Directors. Each Director's term of office shall begin on the first <br /> day of July after such Director's designation, and shall continue <br /> until the Director's successor shall have been duly designated and <br /> qualified or until the Director's death or resignation or <br /> disqualification or removal. Directors need not be residents of <br /> North Carolina. <br /> Section 3. Chairman of the Board. A Chairman of the Board <br /> shall be elected from among the Directors by the Directors at the <br /> annual meeting of the Board of Directors occurring in an even <br /> numbered year, commencing with the 1992 annual meeting, by a <br /> majority of the Board of Directors present and voting at such <br /> meeting. The Chairman of the Board shall serve for a term of two <br /> (2) years beginning on the first day of July after such Chairman's <br /> election, and continuing until the Chairman's successor shall have <br /> been duly elected and qualified or until the Chairman's death or <br /> resignation, disqualification or removal. The Chairman of the <br /> Board shall preside at all meetings of the Board of Directors, <br /> shall serve as the chairman of the Executive Committee, and shall <br /> perform such other duties as shall be assigned by the Board of <br /> Directors. <br /> A vacancy in the office of Chairman of the Board because of <br /> death, resignation, removal, or disqualification or any other cause <br /> shall be filled for the unexpired portion of the term by the Vice- <br /> Chairman of the Board. <br /> Section 4. Vice-Chairman of the Board. A Vice-Chairman of the <br /> Board shall be elected from among the Dieectors at the annual <br /> R312\11.55090-006\0047496.06\10-07-94 7 <br />