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BYLAWS <br /> <br /> OF <br /> <br />CABAI{~US ECONOMIC DEVELOPMENT, INC. <br /> <br /> ARTICLE I <br /> ORGANIZATION <br /> <br /> Section 1. Name. This Corporation is a nonprofit corporation <br />incorporated under the North Carolina Nonprofit Corporation Act and <br />known as CABARRUS ECONOMIC DEVELOPMENT, INC. <br /> <br /> Section 2. PurDose. The role and purpose of the Corporation <br />shall be that described in the Articles of Incorporation. <br /> <br /> Section 3. Principal Office. The principal office and place <br />of business of the Corporation shall be located in Cabarrus County, <br />~orth Carolina. <br /> <br /> Section 4. Other Offices. The Corporation may have offices <br />and places of business at such other places as the Board of <br />Directors may from time to time determine. <br /> <br />ARTICLE II <br />MEMBERSHIP <br /> <br /> Section 1. Composition. The Corporation shall have no <br />members. <br /> <br /> ARTICLE III <br />BOARD OF DIRECTORS <br /> <br /> Section 1. Duties. The government of the Corporation shall <br />be vested in the Board of Directors. The Board of Directors shall <br />have and exercise such p~wers and duties as may, from time to time, <br />be prescribed by the North Carolina Nonprofit Corporation Act and <br />these Bylaws. <br /> <br /> Section 2. Composition, Election and Eligibility. The <br />directors constituting the Board of Directors shall be elected as <br />follows: <br /> <br /> a. One member each shall be elected by the governing <br />bodies of the municipalities of Concord, Kannapolis, Harrisburg, <br />and Mt. Pleasant. Each member so elected shall serve a three-year <br />term, and, if re-elected, shall be eligible to serve a second <br />consecutive three-year term; provided, however, if any member shall <br />at the time of election be a member of the municipality's governing <br />body, he or she shall continue to serve as a director only during <br />his or her incumbency as a member of such governing body. <br /> <br /> <br />