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7/17/2007 12:41:54 PM
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<br />c; <br /> <br />. <br /> <br />6.11 Fidelity Bond. Fidelity bonds or insurance coverage for unlawful taking of <br />Association funds shall be obtained and maintained as provided in the Declaration on all <br />directors and officers authorized to handle the Association's funds and other monetary assets. <br /> <br />SECTION 7 <br />OFFICERS <br /> <br />7.1 Principal Officers. The principal officers of the Association shall be a <br />President, a Vice President, a Secretary and a Treasurer, all of whom shall be elected by the <br />Board of Directors. The Board of Directors may from time to time elect such other officers <br />and designate their duties as in their judgment may be necessary to manage the affairs of the <br />Association. A person may hold more than one office simultaneously, except those of <br />President and Vice President. Only the President and Vice President must be members of the <br />Board of Directors. <br /> <br />7.2 Election. The officers of the Association shall be elected annually by the Board <br />of Directors at its annual meeting and shall hold office at the pleasure of the Board. <br /> <br />7.3 Removal. Upon an affirmative vote of a majority of the members of the Board, <br />any officer may be removed, with or without cause, and a successor elected, at any regular <br />meeting of the Board of Directors, or any special meeting of the Board of Directors called for <br />that purpose. <br /> <br />7.4 President. The President shall be the chief executive officer of the Association, <br />and shall preside at all meetings of the Board of Directors and the Association. The President <br />shall have all of the powers and duties which are customarily vested in the office of president <br />of a corporation, including without limitation the duty to supervise all other officers and to <br />execute all contracts and similar obligations on behalf of the Association. The President shall <br />have such other duties as may from time to time be prescribed by the Board of Directors. <br /> <br />7.5 Vice President. The Vice President shall take the place of the President <br />and perform the duties of the office whenever the Present shall be absent or unable to act. <br />The Vice President shall also perform such other duties as shall from time to time be <br />prescribed by the Board of Directors. <br /> <br />7.6 Secretary. The Secretary shall be responsible for recording the minutes of all <br />meetings of the Board of Directors and the Association. The Secretary shall be responsible <br />for keeping the books and records of the Association, and shall give all notices required by <br />the Governing Documents or the Act unless directed otherwise by the Board of Directors. <br />The Board of Directors may delegate the Secretary's administrative functions to a managing <br />agent; provided that such delegation shall not relieve the Secretary of the ultimate <br />responsibility for the Secretary's duties. <br /> <br />7 <br />
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