ARTICLE VI

EXECUTIVE DIRECTOR

6.01       Executive Director.

The Board of Directors may select an Executive Director who shall be responsible for the administration and conduct of the business and affairs of the Corporation pursuant to guidelines established by the Board of Directors.   The Executive Director, if selected, may be compensated for services in that capacity in such amount and manner as the Board of Directors shall determine.

6.02       Board Service.

The Executive Director may serve on the Board of Directors in a voting or nonvoting capacity at the direction of the Board of Directors.

6.03       Liaison.

The Executive Director shall act as a liaison between the Board of Directors and the staff and employees of the Corporation. The Executive Director shall have full exclusive authority with respect to employees of the Corporation, pursuant to any personnel or other policies adopted by the Board of Directors. The Executive Director shall also make salary recommendations for the employees of the Corporation. See §5.20.

6.04       Removal.

The Executive Director may be removed at any time, with or without cause, by the affirmative vote of a majority of the whole Board of Directors.

6.05       Loans.

No loan shall be made by the Corporation to the Executive Director.