Regular meetings of the Board may be held at such time and place as shall be determined, from time to time, by a majority of the Board members. At least one such meeting shall be held during each fiscal year, within 30 days following the annual meeting of Owners. Notice of regular meetings of the Board shall be given to each Board member, personally or by mail, telephone or telegraph, at least ten days prior to the day named for such meeting.

 

Special meetings of the Board may be called by the President on ten days' notice to each Board member, given personally, by mail, telephone or telegraph. Said notice shall state the time, place and purpose of the meeting. Special meeting of the Board shall be called by the President or Secretary in like manner and on like notice on the written request of at least two Board members.

 

At all meetings of the Board, a majority thereof shall constitute a quorum for the transaction of business. The acts of the majority of the Board members present at a meeting at which a quorum is present shall be the acts of the Board. If, at any meeting of the Board, there shall be less than a quorum present, the majority of those present may adjourn the meeting from time to time. An adjournment for lack of a quorum shall be to a date not more than 30 days from the original meeting date. At any such adjourned meeting, any business which might have been transacted at the meeting as originally called may be transacted without further notice.

 

Before, at or after any meeting of the Board, any Board member may, in writing, waive notice of such meeting and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a Board member at any meeting of the Board shall be a waiver of notice by him of the time and place thereof. If all the Board members are present at any meeting of the Board, no notice shall be required and any business may be transacted at such 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.