Number, Tenure, and Qualification. The corporation shall be governed by a Board of Directors consisting of thirteen (13) Directors. Each Director shall be a natural person. Two Directors (“appointed” Directors) may be appointed and removed from time to time by the Chancellor of The University of North Carolina at Chapel Hill (the “University”) or his or her delegate, and two Directors (“appointed” Directors) may be appointed and removed from time to time by the Chairman of the Board of Trustees of The Morehead-Cain Foundation (the “Foundation”). Two Directors (“student” Directors) shall be current Morehead-Cain scholars and shall be appointed by the Chairman of the Board, upon the recommendation of the Executive Director of the Foundation. The student Directors shall have completed at least four (4) semesters of study at the University and shall each serve a two-year term. The other Directors (the “elected” Directors) shall be elected by action of a majority of all Directors then in office at the annual meeting each year for staggered three-year terms ending at the close of the third annual meeting after election, except for shorter initial terms to achieve staggering.
