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The Board shall, by majority vote of the remaining Directors, elect members to <br />temporarily fill vacancies until the next Annual Meeting.13 If the vacated Board seat <br />has a remaining unexpired term at the next Annual Meeting, the remaining <br />unexpired term must be filled by election at the Annual Meeting in accordance with <br />the provisions of Article 5 Section 4 of these Bylaws.14 <br />Section 6. Resignation of Directors <br />A Director may resign from the Board at any time by written notice given to the <br />Secretary, with such resignation to be effective at such time as is stated in the notice, <br />or if no effective date is so stated, such resignation shall be effective immediately. A <br />Director who ceases to be a Property Owner shall be deemed to have resigned from <br />the Board effective at such time as he or she ceased to be a Property Owner. <br />Section 7. Removal of Directors <br />A Director may be removed from the Board, with or without cause, by a majority <br />vote of the remaining Directors or by the vote of a majority of Property Owners <br />present at an Annual Meeting. <br />Section 8. Compensation15 <br />Directors shall serve without compensation, but they may be reimbursed for their <br />actual expenses necessarily incurred in the performance of their duties in the <br />manner provided for City of Orono employees. <br />Section 9. Annual Report16 <br />Each year the Board shall prepare and file a report of the financial conditions of <br />the CBLID, the status of all projects in the CBLID, the business transacted by the <br />CBLID, other matters affecting the interests of the CBLID, and a discussion of the <br />Directors' intentions for the succeeding years. Copies of the report shall be <br />transmitted to the City Council, the commissioner of the DNR, and the Pollution <br />Control Agency within four (4) months after the Annual Meeting. <br />Article 6: Officers <br />Section 1. Officers <br />The officers of the CBLID shall be Chair, Vice Chair, Secretary and Treasurer. <br />Section 2. Terms <br />1. The terms for all officers shall be for one (1) year. Officers may serve multiple <br />consecutive terms. <br />2. No officer may hold more than one office at a time. <br />13 See the Resolution. <br />14 See Minn. Stat. S. 103B.571 Subd. 2(b). <br />15 Note that director compensation is permitted under the statute. The language regarding <br />reimbursement of expenses is from the statute. See Minn. Stat. S. 10313.551 Subd. 2. <br />16 See Minn. Stat. S. 10313.571 Subd. 4. <br />4 <br />