Agenda 07-08-2025; 7-b - Condominium Agreement and Memorandum of Understanding with the Town of Carrboro for the Operation of the Drakeford Library Complex

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26 proxy except by written notice delivered to the person presiding over a meeting of the Association. A proxy terminates one year after its date, unless it specifies a shorter term. Section 8: In the event the Town or County do not own one or both of the Units, this Article I will be amended. ARTICLE II OFFICERS AND EXECUTIVE BOARD: SELECTION: TERM OF OFFICE Section 1: The affairs of the Association shall be managed by an Executive Board of at least two (2) members, who shall be entitled to act on behalf of the Association. The Executive Board shall Members shall be the Town Manager and the County Manager. Section 2: Any Executive Board member, may be removed in accordance with G.S. § 47C- 3-103(b). In the event of death, resignation or removal of a director, his successor shall be selected by a majority of the members voting at a meeting when a quorum is present. The successor shall serve the remainder of the term. Section 3: No Executive Board member shall receive compensation for any service he may render to the Association outside of his or her normal employment as an employee of the Town or County. However, with the prior approval of the Executive Board, any Executive Board member may be reimbursed for actual expenses incurred in the performance of his duties. Section 4: The Executive Board shall have the right to take any action in the absence of a meeting which they could take at a duly held meeting by obtaining the written consent of the other Executive Board members to the action. Any action so approved shall be filed in the Association books and records and shall have the same effect as though taken at a meeting of the Executive Board. ARTICLE III MEETINGS OF EXECUTIVE BOARD Section 1: Meetings of the Executive Board shall be as deemed necessary by the Board, 24