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Treasurer and an assistant Secretary and su~h other off3.cers
as in their iudgment may be necessary. All offices exceut
the President and Secretary may be filled by the same person.
No compensation shall be paid to officers f.or their services
as officers. Compensation may be paid to an officer in his
or her capacity as an employee or for other services rendered
to the corporation outside of. his or her duties as an off.icer
and only under the same circumstances as authorized above in
the provisions hereof relating to directors,
Section 2. The officers oE the corporation shall be
electe~3c annually by the Board of Directors from among its
members at the annual meeting of each new Board and shall
hold office until the next annual meeting of the Board of
Director.s or until their successors shall be duly elected
and qualified~ except as hereinabove or hereinafter provided.
Section 3, By an affirmative vote of a majoritv of
the me~ers of the Board of Directors, any officer may be
removed, either with or without cause, and his successor
elected ar any regular meeting of the Board o.f Directors
or at any special meeting of the Board called for such purpose.
Section 4. The President shall be the chief executive
officer ot t~ie coruoration. He shall preside at al? meetings
of the corporation and of the Board af ~irectors. He shall
have all of the general powers and duties which are usually
vested in the office of President of a cornoration, inc'uding~
but not limited to~ the power of appointing committees
among the members ~rom time to t~me as he may. in his
discretion, deem appropriate t~ assist in the con~uct o~
the affairs of the corporation.
Section S. The Vice
the duties ot President in
duties as may be required
Board of Directors.
President shall perform al.l
his absence and such other
of him from time to time bv
o~
the
Section 6. The Secretary shall issue notices of all.
Board~~irectors' meetings and meetings of the membership
and shall be kept in a book available for inspection bv
Unit Owners, or their authorized representative, and board
members at any reasonable time and wh?ch minutes shall be
retained for a period of not less than seven (7) years;
he shall have charge of all corporate books, records and
papers; he shall be custodian oF the corporate seal:~ he
shall attest with his si~nature and press of the cornorate
seal all contracts.or other documents required to be signe~
on behalf of the corporation and shall perform all other such
duties as are incident to this office. The duties of the
Assistant Secretary shall be the same as those of the Secretarv~
in the absence of the Secretary.
Section 7. The Treasurer shall. have the responsibi~.ity
for corporation funds and securities and shall be responsible
for keeping full and accurate accounts of all receipts and
disbursements in books belonging to the corporation. Such
books shall be open to inspection by Unit flwr-ers or thei~
authorized representatives and Institutional r~ortg,agees
of Units at reaspnable times and written summaries of w~ich
shall be supplied at least annually (as provided for in
Article VII hereof) to Unit Owners or their authorized repre-
sentatives. Such books and records shall include, but not
be limited to, those items required by the Condominium Act.
Ne shall be responsible for the deposit of. alJ mor.ies
and other valuable effects in the name and Co the credit
of the corporation in such depositories as may from time to time
be. designated by the Board of Directors. The duties of the
Assistant Treasurer shall be the same as those of the Treasurer,
in the absence of the Treasurer.
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