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Page 37 of 51 <br />candidates receiving the highest number of votes with respect to the number of offices to be <br />filled will be deemed elected. <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 5.2.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 />86