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<br />.~, <br /> <br />c. The first terms of office of the directors elected by the Owners immediately <br />following the termination of the terms provided for in Subsection a. shall be one <br />year for one director, two years for one director, and three years for one <br />director. The nominee or nominees receiving the greatest numbers of votes shall <br />fill the longer terms. Each term of office thereafter shall be two years and shall <br />expire upon the election of a successor at a subsequent annual meeting of the <br />Owners; provided, that a director shall continue in office until a successor is <br />elected. A number of nominees equal to the number of vacancies, and receiving <br />the greatest numbers of votes, shall be elected, notwithstanding that one or more <br />of them does not receive a majority of the votes cast. A director appointed or <br />elected to fill an uncompleted term shall serve until the natural termination <br />of that term, unless removed in accordance with these By-Laws. <br />There shall be no cumulative voting for directors. <br /> <br />6.3 Nominations. Nominations for election to the Board of Directors shall be made <br />by a nominating committee appointed by the Board of Directors, or from the floor at the <br />annual meeting or by "write-in" if authorized by the Board. <br /> <br />6.4 Powers. The Board of Directors shall have all powers necessary for the <br />administration of the affairs of the Association, and may exercise for the Association all <br />powers and authority vested in or delegated to the Association (and not expressly prohibited <br />or reserved to the owners) by law or by the Governing Documents. The powers of the Board <br />of Directors shall include, without limitation, the power to: <br /> <br />a. Adopt and amend budgets for revenues, expenditures and reserves, and levy and <br />collect assessments for Common Expenses from Owners; <br />b. hire and discharge managing agents and other employees, agents, and <br />independent contractors; <br />c. make contracts and incur liabilities for the repair, maintenance and replacement <br />of the monument described in Section 15 of the Declaration. <br />d. impose and receive any payments called for in Section 15 of the Declaration; <br />e. impose charges for late payment of assessments and, after notice and an <br />opportunity to be heard, levy reasonable fines for violations of the Governing <br />Documents and the Rules and Regulations; <br />f. provide for reasonable procedures governing the conduct of meetings and the <br />election of directors; <br />g. exercise any other powers conferred by law or the Governing Documents, or <br />which are necessary and proper for the governance of the Association. <br /> <br />6.5 Meetings and Notices. An annual meeting of the Board of Directors shall be <br />held promptly following each annual meeting of the Owners. At each annual meeting the <br />officers of the Association shall be elected. <br /> <br />a. Regular meetings of the Board of Directors shall be held at least on an annual <br />basis, at such times as may be fixed from time to time by a majority of the <br />members of the Board of Directors. <br /> <br />5 <br />