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Section 1 OA Duties of the Board of Trustees The Board of Trustees shall have exclusive control and management of all funds received by its Treasurer, subject to its right of delegation as provided in Section 60 hereof, and shall constitute the governing body of said Association with full power and authority to carry out the objects and purposes of the Association as set out in the Articles of Incorporation and Bylaws of the Association and the laws of the State of Minnesota. Section 11 Term Two Trustees shall be elected annually at the Annual Meeting to serve for the term of three years or until their successors have been duly elected and have qualified Section 12 Vacancies In the event that any elected member of the Board of Trustees shall retire, resign, die, become disqualified, or refuse to act as a Trustee during their term of office, their successor may be appointed by the remaining elected Trustees of the Board to fill such vacancy for the unexpired term thereof. Section 13 Place of Meeting Meetings of the Board of Trustees shall be held at the registered office of the Association at such time or other place as a majority of the Trustees of the Board may from time to time determine. Section 14 Annual Meeting The annual meeting of the Board of Trustees held for the purpose of election of Officers and the transaction of any other business shall be held as soon as convenient following the annual meeting of the members in January of each year with notice at last five (5) days prior thereto if personally served or given by telephone to each Trustee, unless waived. Section 15 A regular meeting Section 17, and in Section 3. Regular Meetings of the Trustees shall be held with notice or waiver as provided in conjunction with the Regular Meeting of the members, as provided in Section 16 Special Meetings Special Meetings of the Board of Trustees may be called for any purpose or purposes, at any time, by the President or by one of the Trustees, upon request in writing, by registered mail or delivered in person to the President, the Vice President, or the Secretary. It shall be the duty of the President or of such Officer forthwith to cause notice of such meeting to be given to the Trustees as such Officer may fix, not less than five (5) days nor more than ten (10) days after receipt of such request for a meeting to be held within fourteen (14) days of the giving of notice as provided herein. If the Officer fails to give notice of the meeting within seven (7) days from the day on which the request was made, the person who requested the meeting may fix the time and place of ineeting and give notice, in the manner provided by these Bylaws. 3