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BY-LAWS <br /> of <br /> Mashpee Affordable Housing Trust <br /> Article I <br /> Seal and Fiscal Year <br /> The seal shall be circular in form with the name of the corporation around the periphery <br /> and the year and state of Incorporation within. The fiscal year shall commence on the fust day <br /> of January each year or such other date as the directors may determine. <br /> Article II <br /> Members <br /> The corporation shall have no members. Any action or vote required or permitted by law <br /> to be taken by members of the corporation shall be taken by action or vote of the same <br /> percentage of directors. <br /> Article III <br /> Directors and Meetings of Directors <br /> 1. Enumeration and Election. The Corporation shall have a board of directors of 5, <br /> all of whom shall also be commissioners of Masbpee Housing Authority. The board of directors <br /> shall be appointed by the board of commissioners of Mashpee Housing Authority and additional <br /> board seats may be added by vote of the directors then in office. The board of directors shall be <br /> the membership of the corporation. Subject to law and these by-laws each director shall hold <br /> office until the next annual meeting and until his successor is chosen and qualified. <br />