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Page 50 of 51 <br />be available for examination by any Lot Owner or his duly authorized agent or attorney at <br />convenient hours on working days by prior arrangement with the Board. A report of all receipts <br />and expenditures of the Association and Property will be rendered by the Board to all Lot <br />Owners on or before the 90th day following the close of each fiscal year, covering the preceding <br />year. All books and records will be kept in accordance with generally accepted accounting <br />principles. A copy of the report will be furnished to all mortgagees of Lots who have requested <br />the same. <br />ARTICLE X <br />OPERATION PRIOR TO INITIAL MEETING OF BOARD <br />Prior to the first meeting of the initial Board of Directors, all functions of the Association <br />and of the Board of Directors as herein set forth will be performed and carried out by the <br />Declarant. <br />ARTICLE XI <br />AMENDMENT OF BYLAWS <br />Section 11.1.Amendment by Owners. Except as provided in Section 11.2 below, these <br />Bylaws may be amended only by the affirmative vote of the voting members having at least <br />seventy-five percent (75%) of the aggregate voting interests, cast in person or by proxy at a <br />meeting duly held in accordance with the provisions of the Bylaws. Such amendment will be <br />executed in the name of the Association. <br />Section 11.2.Amendment by the Board. The Board of Directors may amend these <br />Bylaws without the consent of the Owners: <br /> (a) To correct any obvious error or inconsistency in drafting, typing or <br />reproduction; and <br />(b) To conform to the requirements of any law or governmental agency having legal <br />99