Agenda - 04-20-2018 6-a - Major Subdivision Preliminary Plat Application

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Page 45 of 51 Section 7.1.Designation. The principal officers of the Association will be a president, a secretary, a treasurer and such vice presidents, assistant secretaries, assistant treasurers and other officers as the Board of Directors may from time to time elect. Any two or more offices may be held by the same person, except that the office of President and Secretary may not be held by the same person. Section 7.2.Election and Term. All officers of the Association will be elected by the Board of Directors, and such elections may be held at the regular annual meeting of the Board; provided, however, that prior to the first annual meeting, the Declarants will appoint the officers from among the initial Board. Each officer will hold office for a period of one (1) year or until his death, resignation, retirement, removal, disqualification or his successor is elected and qualified. Section 7.3.Removal. Any officer or agent elected or appointed by the Board of Directors may be removed by the Board with or without cause. Such removal, however, will be without prejudice to the contract rights, if any, of the person so removed. Section 7.4. Compensation. No officer will receive any compensation from the Association for acting as such, but the Board may reimburse any officer for any direct expenses incurred by him in the performance of his duties as such officer and such reimbursement will be a Common Expense. Section 7.5.President. The President will be the principal executive officer of the Association and, subject to the control of the Board of Directors, will supervise and control the management of the Property. The President will, when present, preside at all meetings of the Board and of the Association, and, in general, will perform all duties incident to the office of the President and such other duties as may be prescribed from time to time by the Board. The 94