The first election of members to the Oversight Board will occur within one month (30 days) of the acceptance of membership into the SFC. (If membership into the SFC is denied, then the election will occur sometime before September 30, 2008.) The terms will be on a two-year staggered basis (three of the initial board seats will be for one year only to seed the process). | The first election of members to the Oversight Board will occur within one month (30 days) of the acceptance of membership into the SFC. (If membership into the SFC is denied, then the election will occur sometime before September 30, 2008.) The terms will be on a two-year staggered basis (three of the initial board seats will be for one year only to seed the process). |