33. Term of Office of Directors

Directors shall be elected by the Members at the annual meeting of the Members of the Fund. Directors shall be elected to hold office for a term expiring not later than the close of the second annual Meeting of Members following their election. It is not necessary that all Directors elected at a Meeting of Members hold office for the same term. As much as possible, the Directors shall be elected and shall retire in rotation as determined by the Members when the Directors are elected.