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<br />a. The next annual aeeting of the Board and <br />~bereafter until a lucce.lor is elected: or <br /> <br />b. He .ball r..ign and his resignation .ball have <br />becoae etfective, or <br /> <br />c. 8e .hall no longer be a IHmber of the Aaaociation <br />(provided that officer. .elected by the fir.t Board of <br />Director. need not be member. of the A..ociation): or <br /> <br />d. Be .hall be remove~ as hereinafter provided. <br />Vacant ~~fices .hall be filled by the Board. <br /> <br />Sect~on 2. Removal of Officers. Upon an affirmative <br />vote of a majority of the ra.err.beru of the Board, any officer say be <br />removed, vith or without caUle, and his successor elected at any <br />regular meeting of the Board of Directors, or at any .pecial <br />meetin9 of the Board of Directors called for that purpo.e. <br /> <br />Section 3. Duties of Officers. The officers shall bave <br />the duties and responsibifities normally pertaining to their <br />resp~ct~ve offices together with such spec~fic dut~es as may be <br />.pecified by the ~rticles of Incorporation, these By-Laws or tbe <br />Board of D~rectors. The Pre.ident .hall preside over the meeting. <br />of the Board of Directors and of the Association of Unit OWner., <br />.hall have all of the q~neral power. and duties vhich are nor~,l:y <br />v..ted in the cff~c~ of pre.ident of a corporation and .hall have <br />the power to execute contract. and .imilar documents on behalf of <br />the Association. The Secretary .hall keep the minute book of the <br />Associatiu~ vherein m~nutes of all meetings and all reaolutions <br />and proceedings of the members and of the Board of Directors ehall <br />be recorded, and shall keep a record of the name and mailing <br />address of each Un~t OWner. and the Unit or Units in which he ha~ <br />an interest and ahall give all notices required by the Article. of <br />Incorporation of the Association, these By-Laws, the Decl~r~tion <br />or the Ac~. The Treasurer shall keep the financial records and <br />books of acco. t of the Association. The Treasurer shall have <br />custody of all intangible property of the A.8oc~ation. including <br />funds, secur~tie6 and evidences of indebtedness and shall give bond <br />in such sum With such sureties as the Poard of Directors ~ay <br />require. The cost of any such bond shall be a Common Expense. The <br />Treasurer shall deposit all moneys and other valuable effects in <br />the name ot or to the credit of the A.soci~tion in such <br />depOSitories as may be designated by the Board of Directors and <br />.hall disburse the funds of the Association as ordered by the Board <br />of Directors and shall perform all other duties incident to the <br />office of Treasurer. He .hall furnish upon request of any Unit <br />owner a ~tatement as to the current account of the Un~t owner upon <br />the as~essment rolls of the A.sociation. and the contribution of <br />the Uni~ Owner to any re~erve account. Such contribution ~o the <br />reserve account may not be withdrawn, but shall pasa to a purchaser <br />of tl.e Unit. Ofhcers shall aerve without compensation except for <br />reimbursement for out-of-pocket ftxpenoes incurred in the <br />p.rformance of their duties. If desired by the Board, <br />admini.trctive taaks of the officer. may be performed by a ..n&91ng <br />agent ..lected by the Board. <br /> <br />-11- <br />