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I I I I I I I I I I I I I ! i I I I ARTICLK V BOARD OF DIRKCTORS Section 1: General Powers. The property, business and affairs of the Corporation shall be ~anaged by the Board of Directors. The Board of Directors shall have full power to act on behalf of the Corporation as permitted by the Statutes of the State of Minnesota, the Articles of Incorporation and these By- Laws as shall be amended from time to time. Section 2: Number, Terms of Office, Qualifications and Method of Election.The number of Directors shall be eleven (11) but the number thereof may be increased by amendment of these By-Laws. Notwithstanding the above, the Board of Directors shall at all times number at least five (5). Directors shall be shareholders of the Corporation and be representative of the shares according to the guidelines of the Small Business Administration. The Directors shall be chosen by a plurality of the votes cast at the annual meeting of shareholders entitled to vote. Each Director shall hold office until his successor shall have been elected'and qualified, until his death, until his resignation shall have become effective or until he shall have been removed in the manner hereinafter provided, whichever is earliest. Section 3: Annual Meetings. An annual meeting of the Board of Directors of the Corporation for the purpose of organization, election of officers and transaction of such other business as may properly come before the meeting shall be held immediately following the adjournment of the annual meeting of shareholders and at the place where such meeting was held. Notice of such meeting or of any adjournment thereof need not be given. If, for any reason, such meeting shall not be held on the day specified herein, it may be held at any other time or place which shall be specified in a notice givp~ as