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ARTICLE X. - Executive Director Section 1 - There may be an Executive Director who shall be com- pensated a~t not a rot/rig member. Section 2 - The duties of the Executive Director shal/ be general management of the operations and affairs of the corporation under the dJ-rection of t_he ~oard of Directors and the President, and also such other duties ~_nd responsibilities as may ke assigned by t-he Board of Directors from time to time. A monthly report to cover af- fairs and activities of the corporation shall be presented at t_he Board Section 3 - The President shall have p~-r to perfol~n the duties ~r~] functions of the Director whenever the Executive Director is absent, unavailable, or otheo~ise incapacitated to act, or the President may delegate such authority to a member of the professional staff. Section 4 - Any vacancy in the office of the Executive D/rector shall be filled by the Executive C~wmittee %4_tj] approval of the Board of Directors. ARTICLE XI. - Fin~ ~ces Section 1 - This corporation is a non-stock corporation. The President and Treasurer are authorized to issue receipts of the corpo- ration for contributions. Section 2 - No officer, cu~,~tt.ee, or members of this co_~rporation shall undertake any financial cc~rnitments in behalf of this corporation except as authorized by the Board of Directors. Section 3 - Funds received by the Cabarrus Arts Council, Inc. my be distributed among tax-exempt mmmbers J-n proportions dete/~tined by the Finance Ccn~nittee, with approval of the Board of Directors. ARTICLE XII. - Fiscal Year The fiscal year of the corporation shall kegin on the 1st day of Jul}, and end on the 30th day of June, e~xcept for the first year %Milch shall run fron the date of incorporation tJ~ough June 30, 1981. ARTICLE XIII. - One-fourth of the m~bershlp of the corporation present and voting at any meeting shall constitute a quorom for such ~eti~ng. A majority of any other ccxm~ittee or of the Board of D/rectors shall constitute a quorum.