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(b) In addition to all other powers conferred by law, the <br /> Board of Directors, on behalf of the corporation, is empowered: <br /> (1) To construct, operate, maintain and improve, and <br /> to buy, sell, convey, assign, mortgage, or lease any real <br /> estate and personal property necessary and incident to the <br /> provision of such housing. <br /> (2) To borrow money and issue evidences of <br /> indebtedness in furtherance of any or all of the objects of its <br /> business, to secure the same by mortgage, pledge, or other lien. <br /> Section 4.2. Number of Directors. The Board of <br /> Directors, from time to time, shall fix the number of <br /> Directors, but at no time shall there be less than five (5) or <br /> more than thirteen (13) Directors. <br /> Section 4.3. Compensation and Reimbursement of <br /> Directors. The Directors shall serve without compensation <br /> though they may be reimbursed for their expenditure of monies <br /> on behalf of the corporation. <br /> Section 4.4. Restriction on Interested Persons as <br /> Directors. No more than 49 percent of the persons serving on <br /> the Board may be interested persons. An interested person is <br /> (a) any person compensated by the corporation for services <br /> rendered to it within the previous 12 months, whether as a <br /> full -time or part -time employee, independent contractor, or <br /> otherwise and (b) any brother, sister, ancestor, descendant, <br /> spouse, brother -in -law, sister -in -law, son -in -law, <br /> daughter -in -law, mother -in -law, or father -in -law of such <br /> person. However, any violation of the provisions of this <br /> paragraph shall not affect the validity or enforceability of <br /> any transaction entered into by the corporation. <br /> Section 4.5. Appointment, Term of Office and <br /> 9ualification of Directors. <br /> (a) The initial Directors shall be the board of directors <br /> of Eden Housing, Inc. "Eden All subsequent Directors <br /> shall be appointed by the board of directors of Eden and each <br /> must be a director of Eden. The Directors shall be appointed <br /> annually at any regular or special meeting of the board of <br /> directors of Eden held for that purpose. <br /> (b) Except as provided below for the initial terms of the <br /> first full Board of Directors, the term of office for each <br /> Director of this corporation shall be two (2) years or until <br /> his or her successor is appointed. In order to stagger the <br /> terms of the Directors, the initial term of office for the <br /> Directors shall be one year for six (6) Directors and two years <br /> for seven (7) Directors, with the Board of Directors <br /> determining which terms shall apply to which Directors. <br /> -2- <br />