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49 <br />insurance poi3aes shall be purchased by the Association for the benefit of the Association and its <br />Board of Directors as their interests may appear. <br />Section 2, The amount of necessary coverage, if any, shall be determined annually <br />by the Board of Directors with the assistance of the insurance company providing such coverage <br />Section S! Premiums: Premiums for insurance policies purchased by the Board of Directors <br />shall be paid by the Board of Directors as a common expense from the annual assessments <br />provided for herein. <br />Section 4: per: All instmm policies purchased by the Board of Directors shall be for <br />the benefit of the Association, the Board of Directors and the Lot Owners and shall provide that <br />all proceeds thereof shall be payable to the Board of Directors as insurance trustees under this <br />Declaration. The sole duty of the Board of Directors as insurance trustees shall be to receive such <br />proceeds and to hold the same in trust for the purposes elsewhere stated herein or stated in the By- <br />Laws. <br />Section 5; Distribution of Thmna_nee Process: Proceeds of insurance policies received by the <br />Board of Directors- as insurance trustees shall be held and paid to defray any and all costs of <br />reconstruction, repair or liability insurance considerations. Any proceeds remaining after <br />defraying such costs shall be distributed to the beneficial owners. <br />ARTICLE IX <br />BYLAWS <br />Seetion I * The first annual meeting of the Members shall be held within one year from the <br />date of the recordation of this Declaration, and each subsequent regular annual meeting of the <br />Members shall be held on the same day and the sane month of each year dumfter, unless another <br />annual meeting date is otherwise established by the Board of Directors. <br />Section 2! Special meetings of the Members may be called at any time by the president or the <br />Board of Directors, or upon w&= request of twenty percent (20%) of the Members. <br />Section ..3: Writtm notice of each meeting shall be given by, at at the direction of, the <br />wry or person(s) authorized to call the meeting, by hand delivering or mailing a copy of such <br />notice, postage prepaid, at least ten (10) days and not more dm. (50) days before such meeting <br />to each Member. <br />—12— <br />