Number and Composition of the Board of Directors
The number of directors of the Corporation shall be not less than seven nor more than fourteen, as fixed from time to time by the Board of Directors, and shall be composed as follows:
A. Four ex officio directors, who shall be members of the Board of Directors by reason of holding the following offices at the University of North Carolina at Chapel Hill Kenan-Flagler Business School:
-Dean
-Chief Financial Officer
-Associate Dean for Academic Affairs
-Associate Dean for MBA Programs
B. Four or more elected directors, who shall be elected to membership on the Board of Directors by majority vote of the ex officio directors designated above.
Terms of Office
The terms of office of the ex officio members of the Board of Directors shall run concurrently with their tenure in the respective offices designated in subpart A of Section 1 of this Article II. When an ex officio member of the Board shall cease to hold an office designed in subpart A of Section 1 of this Article II, the person named to replace or act for such member in that office shall serve as a member of the Board of this Corporation. The elected members of the Board shall be elected for a term of two years with no restriction on the number of terms served. When a vacancy occurs for any reason among the elected members of the board, the ex officio members of the Board shall by a majority vote elect a successor.
Chairman of the Board
The Dean of the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill shall serve ex officio as the Chairman of the Board of Directors of the Corporation.
