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51 <br /> ARTICLE VII <br /> OFFICERS <br /> Section 7.1. Designation. The principal officers of the Association will be a president, <br /> a secretary, a treasurer and such vice presidents, assistant secretaries, assistant treasurers and <br /> other officers as the Board of Directors may from time to time elect. Any two or more offices <br /> may be held by the same person, except that the office of President and Secretary may not be <br /> held by the same person. <br /> Section 7.2. Election and Term. All officers of the Association will be elected by the <br /> Board of Directors, and such elections may be held at the regular annual meeting of the Board; <br /> provided, however,that prior to the first annual meeting, the Declarants will appoint the officers <br /> from among the initial Board. <br /> Each officer will hold office for a period of one (1) year or until his death, resignation, <br /> retirement,removal, disqualification or his successor is elected and qualified. <br /> Section 7.3. Removal. Any officer or agent elected or appointed by the Board of <br /> Directors may be removed by the Board with or without cause. Such removal, however, will be <br /> without prejudice to the contract rights, if any, of the person so removed. <br /> Section 7.4. Compensation. No officer will receive any compensation from the <br /> Association for acting as such, but the Board may reimburse any officer for any direct expenses <br /> incurred by him in the performance of his duties as such officer and such reimbursement will be <br /> a Common Expense. <br /> Section 7.5. President. The President will be the principal executive officer of the <br /> Association and, subject to the control of the Board of Directors, will supervise and control the <br /> management of the Property. The President will, when present, preside at all meetings of the <br /> Page 43 of 50 <br />