Number and Composition
The Board of Directors shall consist of seventeen members and shall be composed as follows:
A. Nine ex officio directors:
l. Four of these ex officio directors shall be members of the Board of Directors by reason of holding the following offices with respect to The University of North Carolina at Chapel Hill:
–Chairman of the Board of Trustees
–Chancellor
–Chief financial officer
–Chief development officer
2. Two of these ex officio directors shall be elected by the Board of Trustees of The University of North Carolina at Chapel Hill from the membership of the Board of Trustees of The University of North Carolina at Chapel Hill. In conducting this election, the Chairman of the Board of Trustees shall be eligible to vote but shall not be eligible to be elected;
3. Three of these ex officio directors shall be elected by the Board of Trustees of The University of North Carolina at Chapel Hill from the membership of the Board of Trustees of the Endowment Fund of The University of North Carolina at Chapel Hill who have not otherwise been selected, either by virtue of office under A. above or election under B. below, for membership on the Board of Directors of the Corporation; and
B. Eight elected directors, who shall be elected to membership on the Board of Directors by action of the ex officio directors designated above in sub-part A.
The Chair of the University’s Board of Trustees is ex officio President of the Foundation. The Executive Director of the Foundation is the Foundation’s chief operating officer with overall responsibility for the operations of the Foundation. The Treasurer of the Foundation is the Foundation’s chief financial officer with overall responsibility for the financial affairs of the Foundation.
Terms of Office
The terms of office of the ex officio members of the Board shall run concurrently with their tenure in the respective offices designated insub-part A of Section 1 of Article II. The term of office shall be four years for all directors elected pursuant to sub-part B of Section 1 of Article II, and such directors shall be eligible for reelection without restriction on the number of terms served.
