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poses shall be as stated and_ are independent of such other sec- <br /> tions. <br /> Section 2 . The name of the public corporation shall be "the <br /> Industrial Development Corporation of the City of Everett" (the <br /> "Corporation") . <br /> Section 3 . The Corporation shall have all the powers and be <br /> subject to all of the limitations and provisions contained in the <br /> Act. <br /> Section 4 . A charter (hereinafter the "Charter" ) shall be <br /> issued to the Corporation by this City Council which shall grant <br /> to the Corporation authority to act pursuant to the Act. A copy <br /> of the initial Charter to be issued is attached to this ordinance <br /> as Exhibit A. This Charter may be amended from time to time by <br /> the City Council. <br /> Section 5 . The Board of Directors of the Corporation shall <br /> be composed of the Mayor and members of the City Council of the <br /> City as constituted from time to time. A majority of the members <br /> of the Board of Directors shall constitute a quorum. <br /> Section 6. The affairs of the Corporation shall be conducted <br /> and carried out by the Board of Directors. The Board shall elect <br /> among its own members a president, a vice-president and a secre- <br /> tary. The Board of Directors shall adopt rules and regulations <br /> governing the conduct of the Corporation. <br /> Members of the Board of Directors shall serve with/°such <br /> with <br /> compensation and/ reimbursement of expenses as may be provided in <br /> the rules and regulations to be adopted by the Board of Directors. <br /> -2- BD726 82/06/01 <br />