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ARTICLE IV: BOARD OF DIRECTORS: SELECTION: TERM OF OFFICE
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Section 1. Number. Except as provided in Article XVL which provides for management during the Development Period, the affairs of this Association shall be managed by a Board of no less than three (3) and no more than nine (9) directors, who need not be Members of the Association.
Section 2. Term of Office. At the first annual meeting of the Members and every two (2) years thereafter, the Members shall elect three (3) directors for a term of two (2) years and shall elect additional directors for a term of one (1) year annually, if nominated, up to a total of nine (9) total directors.
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. In the event of death, resignation, or removal of an officer, his or her successor shall be selected by the remaining directors on the Board and shall serve for the unexpired office term of the predecessor.
Section 4. Compensation. No director shall receive compensation for any service he or she may render to the Association. However, any director may be reimbursed for the director's actual expenses incurred in the performance of the director's duties.
Section 5. Action Taken Without a Meeting. The directors shall have the right to take any action in the absence of a meeting in 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.
Section 6. Telephone Meetings. Members of the Board of Directors may participate in a meeting of the Board by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time. Participation by such telephone or communications equipment means shall constitute presence in person at a meeting.
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