Section 4.02. Governing Powers. The Board of Directors shall have all the powers and duties necessary or appropriate for the administration of the affairs of this corporation and may do all such acts and things as are not by law or by the Articles of Incorporation or by these By-Laws directed to be exercised and done by the Members.
==Section 4.03. Executive Committee. == The Board of Directors may appoint an Executive Committee and other committees and may delegate to the Executive Committee any of the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, except the power to adopt, amend, or repeal the By-Laws. The Executive Committee shall be composed of not less than three (3) Directors.
Section 4.04. Election and Term of Office. One third (1/3) of the Directors shall be elected at each annual meeting as defined in Section 3.02 hereof or by mail in such manner as may be determined by the Board of Directors, and the candidates receiving the highest number of votes up to the number of Directors to be elected are elected. Directors shall be eligible for reelection without limitation on the number of terms they may serve, provided they continue to meet the qualifications required by Section 4.01. Each Director shall hold office for a term of three years and until his successor is elected and qualified.