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SECTION 3. Powers of Board of 'Directors . The Board of Directors shall <br />have and exercise all powers of the Foundation and may exercise such powers <br />without the assent or the concurrence of the members. <br />SECTION 4. Chairman of the Board of Directors. The Directors by majority <br />vote shall select from their number one person to be the Chairman of the Board of <br />Directors. <br />SECTION 5. Oualifications of Directors. Directors shall be chosen from <br />the members of the Foundation, and shall include the President of the Foundation. <br />SECTION 6. Terms and Vacancies. The Board of Directors shall be divided <br />into three classes of Directors. The first class of not more than seven Directors <br />shall serve until July 3, 1977 or until their successors are elected. The second <br />class of not more than seven Directors shall serve until_Jul�3,_1976 _or until their <br />successors are elected. The third class of not more than seven Directors shall serve <br />until July 3, 1975 or until their successors are elected. A class of not more than <br />seven Directors shall be elected annually for a term of three years to succeed those <br />whose terms have expired. Such annual election may be held at a meeting of the <br />members of the Foundation and each participating member, except Junior members, <br />present in person shall be entitled to vote for the number of persons to be elected, <br />who shall have been nominated by the Directors or by such members at the meeting, <br />and the persons receiving the most votes shall be elected as Directors. Such annual <br />election may also be conducted by mail, and each participating member, except <br />junior members, shall be entitled to vote for the number of persons to be elected, <br />who shall have been nominated by the Directors or by such members by addition to <br />the ballot, and the persons receiving the most votes shall be elected as Directors. <br />In event that such a vote shall result in a tie, the Directors then in office shall be <br />entitled to select from the persons, who have received the same number of votes, <br />the person or persons who shall be Directors. Vacancies, <br />