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Directors, si~all automatically constitute a resiqnation effective ~
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when such resignation is accQ~ted by the I3oard of Directors. In
the evant a director ceases to bo an owner of a condominium unit
or havinq ari interest theroin, or in tha event a cofporate owner- i
ship ceases to be az~ officer of said Corporation, then the direc- ~
torship shall immediately and automatica2ly terminate. No menber
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shall continue to serve on the Board should he be more than 30 ~
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days delinquent in the payment of an assessment ar~d said delin- , , '
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quency shall automatically constitute a resignation effective . ~
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whan such resiqnation is accepted by the Board of Directors. ~
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Section 5. Regu3ar t?leetings The Board of Directors may. ' '
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establish a schedule of regular meetinqs to be had at such time i:=:
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and place as the Board of Directors :nay desiqnate. Notice of such.,~
reqular meetinqs shall nevertheless be qiven to each Director_per-
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. sonally or by mail, telephone, or telegraph, at least five (5)
days prior to the day named for such meetinq. ~ • ~
. Section 6. Special Meetings Special meetings of the Dir-
ectors may be called by the President and must be called by the ~ .
Secretary at the written request o~ one-third of the votes o~ the
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f Board. Not less~than five days' notice of the meetinq shall be ~
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qiven personally or by mail, telephone or telegraph, which notice
shall state the time, place and purpose of the meeting.
Section 7. Directors' ~taaiver of Notice Before or at ar~y ~g
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meetinq of the Board of Directors, any Director may waive notice . t~
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~ of such ~aeetinq and such waiver shall be deer?ed equivalent to ~
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the qivinq of notice. ~Attendance by a Director at any meetinq ~ ~
of the Board shall be a waiver of notice by him of the tir.tie and ~
place thereof. If all the Directors are present at any meeting ~
~ of the Board, no notice shall be required and any business may
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~ be transacted at such meetinq. ;
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~ Sec~ion 8. Quorum At all meetinqs of the IIoard of Directors,
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a majority of the Directors shall constitute a quorum for the ~
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transaction of business, 'and the acts of the majority of the ~ :
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Ditectors present at such meetings at which a quorum is present•:~~
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