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.� �. SECTION 5 ANNUAL REPORT The Board of Directors shall prepare an annual report on behalf of the Association to be mailed or delivered to each Owner together with the notice of the annual meeting. The report shall contain the following: a. A copy of the statement of reserves and expenses for the Association's last fiscal year, and a balance sheet as of the end of said fiscal year. b. Proposed budget for the coming fiscal year. SECTION 6 BOARD OF DIRECTORS 6.1 Number and Oualiflcation. The affairs of the Association shall be governed by a �oard af pirectnrs. The first Board of Directors shall cdnsisf of the persons designated as directors in the Articles of Incorporation of the Association. Upon the sale of the last lot ro a residential owner, the owners of the individual Lots (except for the owner of Lot 8) shall become the Board of Directors. The number of directors shall thereafter remain at seven. 6.2 Term of Oftice. The terms of office of the members of the Board of Directors shall continue until a member transfers or conveys his lot. 6.3 Intentionally omitted. 6.4 Powers. The Board of Directors shall have all powers necessary for the administration of the affairs of the Associa[ion, and may exercise for the Association all powers and authority vested in or delegated to the Association. The powers of the Board of Directors shall include, without limitation, the power to: a. adopt, amend and revoke Kules and Regulations not inconsistent with the Declaration of Covenants, Conditions, and Restric[ions; b. the ability to access fines against the Owners for failure to comply wi[h [he rules and regulations of the association; �. enter into contracts and incur liabilities; d. hire and discharge managing agents and other employees, agents, and independent contractors;