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ARTICLE V -
- DIRECTORS
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- - A. Directors Meetings. The annual meeting of tha
Board of Directors of the Association shall-be held on the }
sixteenth day of January of each year at i'our o'clock in the
afternoon at a place designated by•the Board. Regular ~aee~ings
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of~the Board of Directors shall be held at such- time apd~place -
as provided by appropriate resolution of the-Board of Directors.
B. Notice of Meetings. Notice of such meetings are
- - hereby dispensed with. If the day for a regular meeting shall
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fall upon a Sunday or legal holiday, the meeting shall be held
at the same hour- bn the f-first .business day thereafter, and no -
natice thereof need be given-. ~ _ - ~
_ C. Quorum. The-number of Directors who shall be-
present a t any meeting of the Board of Directors i n or-der to
constitute a-quorum for the transaction of any business or any -
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specified item of business shall be three (3) Directors. -If
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a quorum shall not be present at any meeting of the-board of _
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Directors, those-present may adjourn the meeting from time to
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time, until a quorum shall be present. _
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D. Vacancies. If the offs-ce of any Director-or -
Directors becomes vacant by rea-son of death, resignation, ~ _
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retirement, disqualification, removal from office, or otherwise, I.
a majority of the remaining Directors, though less than a
quorum shall choose a successor or successors who shall hold
office for the balance of the unexpired term. in respect to
which such vacancy occurred, or such vacancy may remain un-_
filled,-provided however, if the Director nad been appointed
by-the Developer-the vacancy shall be filled by the Deveiop~r - -
if~the Developer determines. to fill the vacancy. The Developer _ _
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shall have this r-fight so long as it has .the right to appoint t-
a majority of the Board of Directors, The election held for
the purpose of filling said v-acancy may be held at any meeting
of the Board of Directors.
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~32~ _ RQs,c 2~6~7
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