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written request of the pres1dent or of any D:rector, stating the purpose or purposes thereof. Notice of such meeting shall be given by mail or telegraph to each Director, addressed to his residence or usual place of business at least three (3) days before the day on which such meeting is to be held. Every such notlce shall state the time, place and purpose of the meeting_ No business other than that stated in the not1ce shall be transacted at said meeting without the unanimous consent of the D1rectors. Section 12. Quorum and Manner of Actini" Except as otherWlse provided by stat~te, ~he Declaration 0 these By-Laws, a maJority of the Directors in off1ce at the time of any meeting of the Board of Directors sh~ll constitute a quorum for transaction of business at such meeting and the act of a maJority of the 01rectors present at any such meeting at which a quorum 1S present shall be the act of the Board of Directors. In the absence of a quorum, a ma )Or1ty of the D1rectors present may adJourn tl\e meeting from time to t1me wlthout notice other than announcement at the meeting until a quorum be had. Section 13. Walver of ~otice. NO~lce of a special meeting may be waived by any member of the Board of Directors in w~iting and shall be walved by attendance at such meeting in person or by attorney. Section l~. Action Taken Without A Heatin~" Any action which might be taken at a meeting ot the Board of Dlrectors may be taken without a meet1ng 1f authorlzed in a wrltlng or ~ritings signed by all of the D1rectors. Section 15. Compensa.tion. No Director shall receive compensation for any serVice he may render 1n hlS capaclty as a member of the Board of D~rectars unless such compensatlon 1S approved at a meeting of the me~bers. Ho~ever, any Director may be reimbursed, by resolutlon of the Board of D1rectors. for his actual expenses incurred in the performance of hlS dutles as a Director. ARTICLE I,! OFFICERS k~~ THEIR DUTIES Section 1. Offlcers. The offlcers of the ASsoclatlon shall be Presldent, a Secretary and a Treasurer and such asslstant or other offlcers as the Board of Dlrectors may deslgnate. Each off1cer shall be selected by a major1ty vote ot the Board of Directors. One person may hold the off1ce and perform the duties of uny two of said officers: provlded, however, that the same person shall not at the same tlme hold the offlces of Pres1dent and Secretary. The President shall be selected from among tho Board of Directors. Each offl~er shall continue in office until~ -10-