SECTION 1. REGULAR MEETINGS. Regular meetings of the Board of Directors shall be held at least three (3) times each year, one (1) of which shall be held immediately following the annual meeting of the Members. Should said meeting fall upon a legal holiday, then that meeting shall be held at the same time on the next day which is not a legal holiday.

 

SECTION 2. SPECIAL MEETINGS. Special meetings of the Board of Directors shall

be held when called by the President of the Association, or by any two (2) directors, after not less than three (3) days notice to each director except, prior to the Development Period, a special meeting of the Board of Directors can be called by the President of the Association or any director after not less than three (3) days notice to each director.

 

SECTION 3. QUORUM. A majority of the number of directors shall constitute a quorum for the transaction of business. Every act or decision done or made by a majority of the directors present at a duly held meeting at which a quorum is present shall be regarded as the act of the Board. All meetings of the Board of Directors shall be open for observation by Members of record and their authorized agents.

 

SECTION 4. ACTION TAKEN WITHOUT A MEETING. The directors shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all the directors. Any action so approved shall have the same effect as though taken at a meeting of the directors.