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4.6 Voting Register. The Secretary shall have available at the meeting a list of the Lot numbers, the names of the Owners, the vote attributable to each Lot and the name of the Person (in the case of multiple Owners) authorized to cast the vote. 4.7 Agenda. The agenda for meetings of the Owners shall be established by the Board of Directors, consistent with the Governing Documents, and shall be sent to all Owners along with the notice of the meeting. 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 at a minimum: a. A statement of any capital expenditures in excess of two percent of the current budget or $5,000, whichever is greater, approved by the Association for the current year or succeeding two fiscal years. b. A statement of the balance in any reserve or replacement fund and any portion of the fund designated for any specified project by the Board of Directors. c. A copy of the statement of revenues and expenses for the Association's last fiscal year, and a balance sheet as of the end of said fiscal year. d. A statement of the status of any pending litigation or judgments to which the Association is a party. e. A statement of the insurance coverage provided by the Association. f. A statement of the total past due assessments on all Lots, current as of not more than 60 days prior to the date of the meeting. SECTION 6 BOARD OF DIRECTORS 6.1 Number and Oualification. The affairs of the Association shall be governed by a Board of Directors. The first Board of Directors shall consist of the persons designated directors in the Articles of Incorporation of the Association or appointed to replace them by the Declarant, subject to the rights of Owners to elect directors as set forth in Section 6.2. Upon the expiration of the tenns of the members of the first Board of Directors, the Board of Directors shall be composed of five (5) directors, a majority of whom shall be Owners, or a duly authorized representative of the Owner if the Owner is a corporation, partnership, limited liability company, trust or other entity which has the capacity to hold title to real estate.