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45 <br /> Section 4.11. Waiver of Notice. Any Lot Owner, at any time, may waive notice of any <br /> meeting of the Association in writing, and such waiver will be deemed equivalent to the giving <br /> of such notice. Attendance by a Lot Owner at any meeting of the Association will constitute a <br /> waiver of notice by, him of the time and place thereof except where a Lot Owner attends a <br /> meeting for the express purpose of objecting to the transaction of any business because the <br /> meeting was not lawfully called. If all the voting members are present at any meeting of the <br /> Association,no notice will be required, and any business may be transacted at such meeting. <br /> Section 4.12. Informal Action by Lot Owners. Any action which may be taken at a <br /> meeting of the Association may be taken without a meeting if a consent in writing, setting forth <br /> the action so taken, will be signed by all of the persons who would be entitled to vote upon such <br /> an action at a meeting and filed with the Secretary of the Association to be kept in the <br /> Association minute book. <br /> ARTICLE V <br /> BOARD OF DIRECTORS <br /> Section 5.1. General Powers. The business will be managed and directed by the <br /> Board of Directors of the Association or by such committee as the Board may establish pursuant <br /> to these Bylaws, If any of the authority of the Board of Directors is vested in any committee, one <br /> member of each such committee will be a Board member. <br /> Section 52. Initial Board.There will be an initial Board of three directors, appointed <br /> by the Declarant, who will serve until their successors are elected and qualified as herein <br /> provided. <br /> Section 5.3. Election of Directors. Except for the appointed directors provided for in <br /> Section 2 of this Article, and as otherwise provided in Section 5 of this Article, at least three <br /> Page 35 of 50 <br />