1.  Designation.  The officers of the Association shall be a President, a Secretary and a Treasurer, all of whom shall be elected by and from the Board of Directors.  The Board of Directors may appoint a Vice President, an Assistant Treasurer and an Assistant Secretary and such other officers as in their judgment may be necessary.

2.  Election of Officers.  The officers of the Association shall be elected each year at the annual meeting of the Board of Directors and shall hold office at the pleasure of the Board.

 
3.  Removal of Officers.  At any regular meeting of the Board of Directors or at any special meeting called for that purpose, any officer may be removed, with or without cause, and his successor elected, upon an affirmative vote of a majority of the members of the Board of Directors.

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

5.  Secretary.  The Secretary shall keep the minutes of all meetings of the Board of Directors and of the Association and shall also maintain the Register of lot owners, designated representatives and voting rights pledges. In addition, the Secretary shall perform all duties usually incident to the office of Secretary of a business corporation.

6.  Treasurer.  The Treasurer shall have responsibility for the Association's funds and securities and shall be responsible for keeping full and accurate accounts of all receipts and disbursements in books belonging to the Association.

7.  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 Act or other applicable statutes, the Declaration and these Bylaws. A Vice President, an Assistant Secretary and an Assistant Treasurer, if any are elected, shall also have all powers of the President, Secretary and Treasurer, respectively, in the absence of such officers.

8.  Compensation. The Board may pay reasonable compensation to any officer, assistant or lot owner who performs substantial services for the Association in carrying out the management functions.