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Directors need not be resident$ of the State of North Carolina or shareholc <br /> of the corporation. <br /> Section 3. Selection of Directors: Except as provided in Sectior <br /> 6 of this Article, the Directors shall be chosen at the annual meeting of <br /> shareholders and those persons who receive the highest number of decisions <br /> be deemed to have been elected. It is the policy of the corporation that <br /> each shareholder, owning stock individually or jointly, shall be chosen as <br /> Director. <br /> Section 4. Vacancies: A vacancy occurring in the Board of Direc <br /> may be filled by the remaining Directors, though less than a quorum, or by <br /> the sole remaining Director, 'but a vacancy created by an increase in the <br /> authorized number of Directors shall be filled only at an annual meeting or <br /> at a apecial meeting of shareholders called for that purpose. The shareholi <br /> may choose a Director at any time to fill any vacancy not filled by the <br /> Directors. <br /> Section 5. Chairperson (clerk) ; There may be a Chairperson (Clerl <br /> of the Board of Directors chosen by the Directors from their number at any <br /> meeting of the Board. The Chairperson shall preside at all meetings of the <br /> Board of Directorg and perform such other duties as may be directed by the <br /> Board. <br /> Section 6. Com pensation: The Board of Directors shal' serve with- <br /> out compensation. <br /> Section T. Executive Committee: The Board of Directarq may, by <br /> resolution, designate two (2) or more Directors to constitute an Execut-l-le <br /> Committee, which committee to the extent provided in such resolution, shall <br /> have and may exercise all of the authority of the Board of Directors in the <br /> management of the corporation. <br /> ARTICLE. IV. <br /> MEETING OF DIRECTORS <br /> Section 1. Regular Meetings: A regular meeting of the Board of <br /> Directors shall be held immediately after, and at the same place as, the <br /> annual meeting of shareholders. In addition, the Board of Directors may <br /> provide by resolution the time and place either within or without the State <br /> of North Carolina for the holding of additional regular meetings. <br /> Section 2. Special Meetings: Special meetings of the Board of <br /> Directors may be called by or at the request of the clerk or any two (2) <br /> Directors. Such meetings may be held either within or without the State <br /> of North Carolina. <br /> Section 3. Notice of Meetings: Regular meetings of the Board of <br /> Directors may be held without notice. <br /> The person or persons calling a special meeting of the Board of <br /> Directors shall, at least two (2) days before the meeting, give notice <br />