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one member to serve for three years, one member to serve for four years, and two members to serve for five years; after the initial directors are appointed their terms shall be determined by drawing of lots, and the By-Laws shall provide that the filling of vacancies that occur by expiration of terms shall be filled by appointees made by the parties in the following order: 1. County of Independence. 2. City of Batesville. 3. Chamber of Commerce. 4. County of Independence. 5. City of Batesville. 6. Chamber of Commerce. Vacancies occurring by resignation of directors shall be filled by the party which nominated the resigning director. Board Members shall serve without pay. No Board Member shall use his position to secure special privileges for himself, his spouse, child, parents or other persons standing in the first degree of relationship, or for those with whom he has a substantial financial relationship, nor shall he disclose or use any confidential information which he may gain by reason of his position for actual or anticipated personal gain, or for the actual or anticipated gain of any other person. 7. That the property of Independence County, Arkansas, and the City of Batesville, Arkansas, should not be subject to the payment of corporate debts to any extent whatsoever. 8. That the nature of the business of the corporation and the objects and purposes for which it is to be formed should be: A. To receive funds from the City of Batesville, Arkansas, and the County of Independence and any other appropriate source and to use said funds to purchase or obtain by gift real property to be used as an industrial park suitable for the location thereon of industrial development and the creation of additional jobs in Batesville and Independence County, Arkansas. 2 _