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50 <br />Section 4: Within thirty (30). days after adoption of any proposed budget for the condominium, . <br />the Board of Directors shall. provide a summary of the budget to all of the Members. The budget <br />shall be considered at the annual meeting of the Association. <br />Ss&tiQn 5! The presence at the meeting of Members or proxies entitled to cast ten percent <br />(10%) of the votes " constitute a quorum for any action except as otherwise provided by law. <br />Section 6! Each Member's vote may be cast pursuant to a dated written proxy signed by the <br />Member: A Member may not revoke a proxy except by written notice delivered to the person <br />presiding over a meeting of the Association. A proxy terminates one year after its date, unless <br />it specifies a shorter term. <br />OFFICERS. AND BOARD OF DIRECTORS; SELECTION; TERM OF OFFICE <br />Section 1: The affairs of the Association shall be managed by a Board of Directors consisting <br />of four (4) Members, who shall be entitled to act on behalf of the Association. Nomination for <br />election of the Board of Directors ' shall be made from the floor at the annual meeting. Election <br />shall be by secret written ballot and by a majority of the Members when a quorum is present. <br />Cumulative voting is not permitted. <br />Section 2. At the first initial organizational meeting four (4) Board of Directors members shall <br />be elected to serve until the following annual meeting. <br />Section 3e Any Board of Directors member, except those appointed by the Declarant, may be <br />removed in accordance with North Carolina Law. In the event of death, resignation or removal <br />of an Board of Directors member, his successor shall be selected by a majority of the Members <br />voting at a meeting when a quorum is present. <br />Section 4._ No Board of Directors member shall receive compensation for any service he may <br />render to the Association. However, with the prior written approval of the Board of Directors, <br />any Board of Directors member may be reimbursed for actual expenses incurred in the <br />performance of his duties. <br />Section 5. The Board of Directors shall have the right to take any action in the absence of a <br />meeting which they could take at a duly held meeting by obtaining the written consent of all the <br />Board of Directors members to the action. Any action so approved shall be filed in the <br />Association's books and records and shall have the same effect as though taken at a meeting of <br />the Board of Directors. <br />MEETINGS OF BOARD OF DIRECTORS <br />Section 1: Meetings of the Board of Directors shall be held annually without notice, at such <br />place and hour as may be fixed from time to time by resolution of the board. Special meetings <br />—13— <br />