HARRY HUGHES, Governor                                     2633

DIRECTORS TO EXERCISE ALL RIGHTS AND PERFORM ALL THE DUTIES OF
THE CORPORATION.

554.

(A)  THE BOARD OF DIRECTORS SHALL APPOINT, SUBJECT TO THE
APPROVAL OF THE GOVERNOR, AN EXECUTIVE DIRECTOR WHO SHALL SERVE
AT THE PLEASURE OF THE BOARD. THE SALARY OF THE EXECUTIVE
DIRECTOR SHALL BE DETERMINED BY THE BOARD.

(B)  THE EXECUTIVE DIRECTOR SHALL BE THE CHIEF
ADMINISTRATIVE OFFICER FOR THE CORPORATION AND AS SUCH SHALL
DIRECT AND SUPERVISE THE ADMINISTRATIVE AFFAIRS AND TECHNICAL
ACTIVITIES OF THE CORPORATION IN ACCORDANCE WITH POLICIES AND
PROCEDURES ESTABLISHED BY THE BOARD OF DIRECTORS. THE EXECUTIVE
DIRECTOR, OR HIS DESIGNEE, SHALL, AMONG OTHER THINGS:

(1)  ATTEND ALL MEETINGS OF THE BOARD OF DIRECTORS AND
ACT AS SECRETARY TO THE BOARD AND KEEP MINUTES OF ALL ITS
PROCEEDINGS;

(2)  APPROVE ALL ACCOUNTS. FOR SALARIES, PER DIEM
PAYMENTS, AND ALLOWABLE EXPENSES OF THE CORPORATION OR OF ANY OF
ITS EMPLOYEES OR CONSULTANTS AS WELL AS ANY EXPENSES INCIDENTAL
TO THE OPERATION OF THE CORPORATION; AND

(3)  PERFORM ANY OTHER DUTIES THAT MAY BE DIRECTED BY
THE BOARD OF DIRECTORS IN CARRYING OUT THE PURPOSES OF THIS
SUBTITLE.

(C)  THE BOARD OF DIRECTORS SHALL APPOINT ANY ADDITIONAL
PROFESSIONAL AND CLERICAL STAFF THAT IS NECESSARY TO CARRY OUT
THE PURPOSES OF THIS SUBTITLE. THE OFFICERS OR EMPLOYEES OF THE
CORPORATION ARE NOT SUBJECT TO THE PROVISIONS OF ARTICLES 64A OR
73B OF THE CODE.

(D)  THE BOARD OF DIRECTORS MAY ALSO ENGAGE ANY NECESSARY
ACCOUNTANTS, ENGINEERS, LAWYERS, FINANCIAL ADVISORS, OR OTHER
CONSULTANTS.

555.

(A) THE CORPORATION MAY:

(1)  ADOPT BYLAWS FOR THE REGULATION OF ITS AFFAIRS
AND THE CONDUCT OF ITS BUSINESS;

(2)  ADOPT AN OFFICIAL SEAL AND ALTER IT AT PLEASURE;

(3)  MAINTAIN OFFICES AT A PLACE WITHIN THE STATE THAT
IT DESIGNATES;

(4)  APPLY FOR AND ACCEPT ANY LOANS, GRANTS, OR
ASSISTANCE OF ANY CHARACTER FROM THE FEDERAL GOVERNMENT, STATE
GOVERNMENT, OR LOCAL GOVERNMENTS, OR ANY PRIVATE SOURCES;