4.1 Designation

The officers of the Association shall be a President, one or more Vice-Presidents, a Secretary, and a Treasurer, all of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary or appropriate may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except for the offices of President and Secretary.

4.2 Election and Term of Office

The officers of the Association to be elected by the Board of Directors may be elected for such term as the Board may deem advisable, not to exceed three (3) years. Officers of the Association shall be elected at the first meeting of Directors following the expiration of the term of office. Each officer shall hold office until his/her successor shall have been duly elected and qualified regardless of his/her term of office, except in the event of his/her prior death or resignation or his/her removal in the manner hereinafter provided.

4.3 Removal

Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the Association would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Election or appointment of an officer or agent shall not of itself create contract rights or rights to compensation.

4.4 Vacancies

A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.

4.5 President

The President shall be the chief executive officer of the Association. He shall preside at all meetings of the Association and of the Board of Directors and shall have all powers and shall perform all duties usually incident to the office of President of a business corporation.

4.6 Vice-President

The Vice-President shall perform the duties of the President in the absence of the President and such other duties as may be assigned by the Board of Directors.

4.7 Secretary

The Secretary shall keep the minutes of all meetings of the Board of Directors and of the Association. The Secretary shall also maintain the register of Members, designated representatives, voting rights pledges and proxies. The Secretary shall, in addition, perform all duties usually incident to the office of Secretary of a business corporation.

4.8 Treasurer

The Treasurer shall maintain the Association's funds and shall be responsible for keeping full and accurate accounts of all receipts and disbursements in books belonging to the Association. The Treasurer shall, in addition, perform all duties usually incident to the office of Treasurer of a business corporation.

4.9 Other Officers, Assistants, Employees

Other officers of the Association, assistants to the officers, or persons employed to assist the officers, shall have such authority and shall perform such duties as the Board of Directors may prescribe within the provisions of the applicable statutes, the Declaration, and these Bylaws.

4.10 Compensation

The Board may determine to pay reasonable compensation to any officer, agent, assistant or Member who performs substantial services for the Property in carrying out the management functions.

4.11 Budgets

Within thirty (30) days after adoption by the Board of Directors of any proposed regular or special budget of the Association, the Board shall set a date for a meeting of the Members to consider ratification of the budget not less than fourteen (14) nor more than sixty (60) days after mailing of a summary of the budget to all Members. Unless at that meeting the Members of a majority of all the votes in the Association reject the budget, in person or by proxy, the budget is ratified, whether or not a quorum is present. In the event the proposed budget is rejected or the required notice is not given, the periodic budget last ratified by the Members shall be continued until such time as the Members ratify a subsequent budget proposed by the Board of Directors.