1993-112-RES Creation of PEDC and Approval of Bylaws

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SECTION VI OFFICERS 6.01 Officers of the Corporation The elected officers of the CORPORATION shall be a President, Vice President, and Secretary-Treasurer. The BOARD may resolve to elect one or more Assistant Secretaries- Treasurers as it may consider desirable. Such officers shall have the authority and perform the duties of the office as the BOARD may from time to time delegate. Any two (2) or more offices may be held by the same person, except the office of President and Secretary may not be held by the same person. 6.02 Selection of Officers The initial President, Vice President and Secretary- Treasurer shall be elected by the BOARD and shall serve through July, 1994. On the expiration of the term of office of the original President, Vice President and Secretary- Treasurer, the BOARD shall select from among its Members individuals to hold such office. The term of office of the President, Vice President and Secretary-Treasurer shall always be for a period of one year from the date of selection by the BOARD, provided however, tha t the Pres ident, Vice President and Secretary-Treasurer continue to serve until the election of their successors. 6.03 Vacancies Vacancies in any office which occur by reason of death, resignation, disqualification, removal, or otherwise, may be filled by the BOARD for the unexpired portion of the term of that office, in the same manner as other officers are elected. 6.04 Officers' Authorities and Duties A. The President shall be the presiding officer of the BOARD with the following authority: (1) Shall preside over all meetings of the BOARD. (2) Shall vote on all matters coming before the BOARD for action. (3) Shall have the authority, upon notice to the members of the BOARD, to call a special meeting of the BOARD when in his judgement such meeting is required. PARIS ECONOMIC DEVELOPMENT CORP. BYLAWS - page 8