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19 <br /> (i) making or contracting for the making of repairs, additions, and improvements to, or <br /> alterations of the Area of Common Responsibility in accordance with the other provisions of the <br /> Declaration and these Bylaws, after damage or destruction by fire or other casualty; <br /> 0) enforcing by legal means the provisions of the Declaration,these Bylaws, and the rules <br /> and regulations adopted by it,and bringing any proceedings which may be instituted on behalf of or <br /> against the Members concerning the Association; <br /> (k) obtaining and carrying insurance against casualties and liabilities,as provided in the Act <br /> and the Declaration, and paying the premium cost thereof; <br /> (1) paying the costs of all services rendered to the Association or its Members and not <br /> directly chargeable to specific Members; <br /> (m) keeping books with detailed accounts of the receipts and expenditures affecting the <br /> Association and its administration, specifying the maintenance and repair expenses and any other <br /> expenses recurred and <br /> (n) contracting with any Person for the performance of various duties and functions. The <br /> Board shall have the power to enter into common management agreements with trusts or other' <br /> associations or corporations. Any and all functions of the Association shall be fully transferable by <br /> the Board, in whole or in part, to any other entity. <br /> (o) establishing an office and/or post office box as may be necessary for the transaction of <br /> the business of the Association. <br /> Section 4.13 Management Agent. The Board may, but is not required to, hire a <br /> professional management agent or agents, at a compensation established by the Board, to perform <br /> such duties and services as the Board of Directors shall authorize. The Board shall use reasonable <br /> efforts in any management contract to provide for termination of such contract with or without cause <br /> and without penalty,upon no more than thirty(30)days written notice, and for a term not in excess <br /> of one(1)year. The Board may delegate to one of its members the authority to act on behalf of the <br /> Board on all matter relating to the duties of the managing agent which might arise between meetings <br /> of the Board. <br /> Section 4.14 Borrowing. The Board of Directors shall have the power to borrow money for <br /> any legal purpose subject to the approval of a two-thirds(2/3)of the Members present and voting in <br /> person or by proxy at a duly called meeting or by ballot. <br /> Section 4.15 Committees. The Board shall have the authority to establish such committees <br /> as the Board may determine with such powers and duties that the Board shall authorize. The <br /> members of all committees shall be appointed by the Board of Directors and shall serve at the <br /> pleasure of the Board. Any committee member may be removed with or without cause at any time <br /> and with or without a successor being named. <br /> —7— <br />