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expire on the second Thursday in January 2402. The term of each successor director appointed pursuant to this Section 2.12 shall be four (4) years. The directors appointed � ursuant to tkiis Section 2.12 shall be adult natural ersons and members of the eneral p , p g business community, which, for tkie purpose of this Section 2.12, includes the hotel/motel industry in tkie City of Roseville. All other general provisions in this Section II shall apply to the directors appointed pursuant to tkus Section 2.12. SECTION III BOARD MEETIl�TGS Section 3. L The Board shall meet no less than four (4) times per calendax year at the registered office of the Corporation or at such other location as is provided in tkie notice of the meeting. Section 3.2. A meeting of the Board may be called � the Chair or � any two � directors upon five days written notice to all directors of tkie date, time, place and purpose of � tkie meeting. Notice of an adjourned meeting need not be given other than by announcement at the meeting at which adjournment is taken. Notice is also not required if tkie meeting information is announced at a previous Board meeting. Notice may be waived in accordance with the provisions of Minnesota Statutes, Section 317A.231, subd. 4. Section 3.3. A majority of tkie directors currently holding office is a quorum for the transaction of business. In the absence of a quorum, a majority of the directors present may adjourn a meeting from time to time until a quorum is present. Section 3.4. The Board may take action as follows: �