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Section 5.3. Qualification of Trustees. Each Trustee shall
be at least twenty-one years of age.

Section 5.4. Election and Term of Office. Each Trustee shall
be elected for a term of three years, and one class of Trustees
shall be elected in each year of a cycle of three successive
years, so that the term of office of all the Trustees of
one of the three classes shall expire each year upon the
election and qualification of their respective successors.

Section 5.5 Vacancies. In the event that any vacancy shall
occur in the Board of Trustees, by reason of newly created
trusteeships or otherwise, such vacancy may be filled by the
Trustees. Any Trustee elected to fill a vacancy shall hold
office for the balance of the term of the trusteeship in which
the vacancy occurred.

Section 5.6 Meeting Place. All meetings of the Board of
Trustees shall be held at such time at the offices of AFA in
the City of New York, or at such other place within or without
New York City as the Board shall determine.

Section 5.7 Quorum. At such time as the number of the
entire Board is fixed at fifteen Trustees or less, one third
of the entire number of members of the Board shall constitute
a quorum thereof, and at such time as the entire Board consists
of more than fifteen Trustees, a quorum thereof shall consist
of five members plus one additional member for every ten
members or fraction thereof in excess of fifteen.

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