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Section 3 business of the tors. ARTICLE III DIRECTORS 1. General Powers. The property, affairs and corporation shall be managed by the Board of Direc- Section 3.2 Number; Qualification: Term of Office. The directors of the corooration shall-consist of and-hall be limited to those individuals-who from time to time comprise the members of the City Council of the City of Roseville, Minnesota, elected or appointed in accordance with the charter of the City of Roseville, Minnesota. Each director shall hold office so long as he or she remains a member of the City Counsel of the City of Roseville, Minnesota, subject, however, to his or her rights to resign as a director of the corporation in accordance with Section 3.4 hereof. Section 3.3. OrQanization. The Board of Directors may elect from among its own number a chairman and a vice chairman. If so elected, the chairman or, in his absence or on his failure or inability to act, the vice chairman (if one be elected) shall preside at all meetings of the Board and of the executive commit- tee, if one be constituted. Otherwise, the president of the corpo- ration shall so preside or, in his absence or on his failure or inability to act, such person as may be chosen by a majority of the directors present at any such meeting shall preside. The secretary of the corporation or, in his absence or on his inability or refus- al to act, any person who the presiding officer shall appoint, shall act as secretary of each meeting of the Board and the execu- tive committee, if one be constituted. Neither the chairman or the vice chairman, nor any person appointed to act as secretary of a particular meeting, shall be considered an officer of the corpora- tion unless otherwise elected as such in accordance with Article IV of these Bylaws. Section 3.4. Bes i�taon. A director may resign at any time by giving written notice to the president or to the secretary of the corporation. The resignation of a director shall take effect at the time specified therein, or, if no time is specified there- in, upon receipt by the officer of the corporation to whom such written notice is given; unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. Section 3.5. Annual Meetin�. An annual meeting of the Board of Directors shall be held for the purpose of electing the officers of the corporation and for the transaction of such other business as shall come before the meeting. Notice of such meeting shall be given as provided in Section 3.9 hereof. Section 3.6. Regular Meetings. Regular meetings of the Board of Directors may be held from time to time at such times as 2