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49 <br />insurance policies 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: Covera,gr. 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 />Scdon I 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 />Sccdon 4. Pis: All insurance 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 . Distribution of Insurance Pmce s: 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 />I z 191s 10 <br />Section 1 " 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 same month of each year thereafter, unless another <br />annual meeting date is otherwise established by the Board of Directors. <br />Section 2: Spectral meetings of the Members may be called at any time by -the president or the <br />Board of Directors, or upon written request of twenty percent (20%) of the Members. <br />Secti°n 3: Written notice of each meeting shall be given by, or at the direction of, the <br />secretary or person(s) authorized to call the meeting, by hand delivering of mailing a copy of such <br />notice, postage prepaid, at least ten (10) days and not more than. (50) days before such meeting <br />to each Member. <br />—12— <br />