Section 1. Number. Except as provided in Article XVI, which provides for management during the Development Period, the affairs of the Association shall be managed by a Board of three (3) five (5) (amended unanimously by all directors at the 11/15/20 board of directors meeting) directors, who need not be members of the Association.

 

Section 2. Term of Office. At the first meeting after the Developmental Period, the members shall elect one (1) director for a term of one (1) year, one (1) directory for a term of two (2) years, and one (1) directory for a term of three (3) years; at each annual meeting thereafter, 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. In the case of a, resignation, or removal of a directory, his or her successor shall be selected by the remaining members of the Board and shall serve for the unexpired 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 preference of the director's duties.

 

Section 5. Action Taken Without a Meeting. The directory shall have the right 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 conference telephone or similar communications equipment by means of which all persons participation in the meeting can hear each other at the same time. Participation by such telephone or communications equipment means shall constitute presents in person at a meeting.