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16 <br /> b. The composition of the Board of Directors shall be as follows: <br /> i. At least one Director shall be a member of the faculty or staff at <br /> the University of North Carolina at Chapel Hill preferably the <br /> Vice-Chancellor of Innovation, Entrepreneurship and Economic <br /> Development. <br /> ii. At least one Director shall represent the Town Manager of the <br /> Town of Chapel Hill. <br /> iii. At least one member shall represent the Orange County Manager <br /> of Orange County. <br /> iv. Other officio and ex-officio members may be added by majority <br /> vote of the Board at the corporation's annual meeting. <br /> c. Elections: The initial Directors shall be named by the incorporator of the <br /> Corporation. Thereafter, Directors shall be elected by the Board of <br /> Directors at any meeting of the Board of Directors, or, in case of a <br /> vacancy, as soon as practicable thereafter. <br /> i. Regular Officer and Director elections shall be held at the Annual <br /> Meeting described in Article IV, and at any other meeting of the <br /> Board of Directors at which there are vacancies. <br /> d. Terms: <br /> i. Each Director shall serve for a term of up to three years after initial <br /> appointment; provided, however, that the initial terms shall be so <br /> fixed or upon any increase or decrease in the number of Directors <br /> so that approximately an equal number of regular terms shall <br /> expire at each annual meeting. <br /> ii. No Director may serve more than three (3) consecutive terms. <br /> e. Remo Val: <br /> i. A Director may be removed at any time with cause by a two-thirds <br /> (2/3) vote of the other Directors. <br /> f. Vacancies: <br /> i. Any vacancy on the Board of Directors may be filled by <br /> appointment Board of Directors, which shall be made by a <br /> majority vote of the remaining Directors. <br /> Article IV— Meetings <br /> 1. Annual Meeting: <br /> a. The Annual Meeting of the Board of Directors shall be held in July of <br /> each year, or during such other month as approved by the Board.of <br /> Directors. <br /> b. The Board Chair shall send, or cause to be sent, notice of the time and <br /> place of the Annual Meeting to all Directors. <br /> i. Notice must be sent at least ten(10) days in advance of the <br /> meeting. <br /> c. The purpose of the Annual Meeting shall be to elect Directors and Officers <br /> of the Board; to receive a report on the prior year from staff, including a <br /> 2 <br />