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secretary, a chief financial officer, and such other officers <br />as the Board of Directors shall appoint. One person may hold <br />two or more offices, except that neither the secretary nor the <br />chief financial officer may serve concurrently as president. <br />Section 2. Election. The officers of the Corporation, <br />except such officers as may be appointed in accordance with the <br />provisions of Section 3 or Section 5 of this Article III, shall <br />be elected annually by the Board of Directors and each shall <br />hold his office until he shall resign or shall be removed or <br />otherwise disqualified to serve, or his successor shall be <br />elected and qualified. <br />Section 3. Subordinate Officers. The Board of <br />directors may appoint, and may empower the president to <br />appoint, such other officers as the business of the Corporation <br />may require, each of whom shall hold office for such period, <br />have such authority and perform such duties as are provided in <br />the By -laws or as the Board of Directors or the president may <br />from time to time determine. <br />Section 4. Removal and Resignation. Any officer may <br />be removed, either with or without cause, by the Board of <br />Directors, at any meeting thereof, or, except in case of an <br />officer elected by the Board of Directors, by an officer upon <br />whom such power of removal may be conferred by the Board of <br />Directors. <br />Any officer may resign at any time by giving written <br />notice to the Board of Directors, the president, or the <br />secretary of the Corporation. Any such resignation shall take <br />-9- <br />