The Corporation shall possess and exercise all of the functions, rights, duties, powers, privileges, and responsibilities conferred upon or possessed by the College under its Charter and applicable law except insofar as such functions, rights, duties, powers, privileges, and responsibilities are herein delegated to the Board of Trustees. The membership of the Corporation shall consist of twelve (12) members, vis: (i) The Bishop (or if at any time there shall exist a vacancy in the Office of the Bishop, the Administrator); (ii) the President of the College; (iii) the Provincial; (iv) the Chairperson of the Board of Trustees; and (v) the Vice-Chairperson of the Board of Trustees, each of whom shall be ex officio; four (4) Dominican friars elected by the Corporation; and three (3) lay persons elected by the Corporation. The terms of office of the Bishop, the President of the College, the Provincial, and the Chairperson and Vice-Chairperson of the Board of Trustees shall be coterminous with the respective incumbency of each. The terms of all other Corporation members shall be three (3) years. No member of the Corporation except ex officio members shall serve more than three (3) full terms of three (3) years. Any person may be reelected a member of the Corporation after the expiration of two (2) years following the conclusion of a prior term. Any vacancy in the non ex officio membership of the Corporation shall be filled by election by the Corporation.