Orange County NC Website
Browse       Search
Page 40 of 51 <br />agents and/or employees having the authority to deposit and withdraw such funds; and, in its <br />discretion, to require such officers, agents or employees to be bonded in such amounts as it <br />deems necessary. <br /> (h)Sign all mortgages, deeds of trust, agreements, contracts, vouchers <br />for payment of expenditure, deeds and other instruments in such manner as from time to time <br />will be determined by written resolution of the Board. In the absence of such determination by <br />the Board, such documents will be signed by the President and the Secretary. <br />(i)Procure and maintain adequate insurance of such nature and in <br />such amounts as is provided in the Declaration, and such other insurance as the Board may deem <br />necessary or appropriate, including, without limitation hazard insurance, liability insurance and <br />officers and directors liability coverage. <br />(j)Appoint such committees as are provided for in these Bylaws and <br />the Declaration or as otherwise deem appropriate by the Board, including, but not limited to, an <br />ARB. <br /> (k)Exercise their powers in good faith and do and perform such <br />other matters and things not expressly prohibited by law, the Declaration, or these Bylaws as are <br />necessary and appropriate to the proper administration, operation and maintenance of the <br />Association. <br />(1)Prepare an annual budget in which there will be established the <br />assessments of each Lot Owner for the Common Expenses. A summary of the proposed budget <br />will be provided to all of the Lot Owners within thirty (30) days after adoption of the proposed <br />budget, and the budget will be ratified at a meeting of the Lot Owners. <br />(m)Pay all taxes, charges and assessments which are or may become <br />89