SECTION 1. NUMBER. During the Development Period, the affairs of the Association shall be managed by a Board of at least two (2) Directors. Upon termination of the Development Period, the Board shall automatically be increased to three (3) Directors without any further action of the Members or the Board. The Directors do not need to be members of the Association.

 

SECTION 2. TERM OF OFFICE. Upon termination of the Development Period, the Members shall elect one (1) director for a term of one (1) year, one (1) director for a term of two (2) years and one (1) director for a term of three (3) years. At each annual meeting after the termination of the Development Period, the Members shall elect one (1) director for a term of three (3) years.

 

SECTION 3. REMOVAL. Any director may be removed from the Board, with or without cause, by a majority vote of the Members of the Association entitled to vote, in person or by proxy, at any meeting at which a quorum is present. In the event of death, resignation or removal of a director, his successor shall be selected by the remaining Directors and shall serve for the unexpired term of his predecessor.

 

SECTION 4. COMPENSATION. No director shall receive compensation for any service he may render to the Association. However, any director may be reimbursed for his actual expenses incurred in the performance of his duties.