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109 <br /> Section 8.02 Election and Term. All Officers shall be elected by the Board of Directors and <br /> shall serve at the pleasure of the Board of Directors. <br /> Section 8.03 Compensation. Any compensation of Officers shall be fixed by the Board of <br /> Directors. <br /> Section 8.04 Removal. Any Officer or agent elected by the Board of Directors may be removed <br /> by the Board of Directors,with or without cause,at any meeting with respect to which notice of such purpose <br /> has been given to the Directors. <br /> Section 8.05 President. The President shall be a Director and the chief executive officer of the <br /> Corporation and shall have responsibility for the general supervision of the business of the Corporation. The <br /> President shall see that all orders and resolutions of the Board of Directors are carried into effect. The President <br /> shall perform such other duties as may from time to time be assigned or delegated to him or her by the Board of <br /> Directors. The President shall have all the general powers and duties which are incident to the office of the <br /> president of a corporation organized under the North Carolina Planned Community Act and/or the North <br /> Carolina Nonprofit Corporation Act,as applicable. <br /> Section 8.06 Vice Presidents. The Vice President shall be a Director and, in the absence or <br /> disability of the President,or at the direction of the President,shall have the duties and powers of the President. <br /> If the Corporation has more than one Vice President,the Board of Directors shall designate one of them to act <br /> for the President. Each Vice President shall have whatever additional duties and powers as may from time to <br /> time be assigned or delegated to him or her by the Board of Directors or which are incident to the office of the <br /> vice president of a corporation organized under the North Carolina Planned Community Act and/or the North <br /> Carolina Nonprofit Corporation Act,as applicable. <br /> Section 8.07 Secre . The Secretary shall keep accurate and complete records of all meetings <br /> of Members and Directors, including minutes of the meetings, all resolutions adopted and all consents to <br /> actions without a meeting. The Secretary shall have authority to give all notices required by law or these <br /> Bylaws. The Secretary shall be custodian of the corporate books,records,contracts and other documents. The <br /> Secretary may affix the corporate seal to any lawfully executed documents requiring it and shall sign such <br /> instruments as may require his signature. The Secretary shall have whatever addition duties and powers as may <br /> from time to time be assigned or delegated to him or her by the Board of Directors or which are incident to the <br /> office of the secretary of a corporation organized under the North Carolina Planned Community Act and/or the <br /> North Carolina Nonprofit Corporation Act,as applicable. <br /> Section 8.08 Treasurer. The Treasurer shall have custody of all funds and securities belonging to <br /> the Corporation and shall receive,deposit or disburse them under the direction of the Board of Directors. The <br /> Treasurer shall keep full and true accounts of all receipts and disbursements and shall make reports to the Board <br /> of Directors and President upon request. The Treasurer shall perform all duties as may be assigned to him or <br /> her from time to time by the Board of Directors. The Treasurer shall prepare or cause to be prepared all <br /> required financial statements,tax returns and budgets. If the Corporation employs an accountant, attorney or <br /> other agent, the duties may be delegated to the agent. However, the Treasurer shall remain responsible for <br /> supervising the agent. The Treasurer shall have whatever addition duties and powers as may from time to time <br /> be assigned or delegated to him or her by the Board of Directors or which are incident to the office of the <br /> treasurer of a corporation organized under the North Carolina Planned Community Act and/or the North <br /> Carolina Nonprofit Corporation Act,as applicable. <br /> Section 8.09 Assistant Secretary and Assistant Treasurer. The Assistant Secretary and Assistant <br /> Treasurer shall, in the absence or disability of the Secretary of the Treasurer,respectively,have the duties and <br /> powers of those offices. They shall, in general, perform any other duties assigned to them by the Board of <br /> Directors. Specifically, the Assistant Secretary may affix the corporate seal to all necessary documents and <br /> attest the signature of any Officer. <br /> 34 <br />