; (II) 2 shall hold office for a term expiring on December 31, 2018; and (III) 3 shall hold office for a term expiring on December 31, 2019, as designated by the President at the time they take office. The designation shall be made in a manner which will assure that no 2 persons appointed under the authority of the same subclause of subparagraph (B)(iii) shall have terms which expire simultaneously. (iii) Vacancies A vacancy in the Board shall be filled in the same manner as the original appointment was made. Any director appointed to fill a vacancy occurring prior to the expiration of the term for which the predecessor of the director was appointed shall be appointed only for the remainder of the term. A director may serve after the expiration of the term for which appointed until the successor of the director has taken office. (E) Compensation All matters relating to compensation of directors shall be as provided in the bylaws of the FIPC. (4) Meetings of board