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27 <br /> without notice, or as determined by the Board, at such place and hour as may be <br /> fixed from time to time by resolution of the board. Special meetings of the <br /> Executive Board may be called by any member of the Executive Board, after not <br /> less than three (3) days-notice to the other Executive Board member. <br /> Section 2: A majority of the Executive Board members shall constitute a quorum for the <br /> transaction of business. Every act or decision done or made by a majority of the <br /> Executive Board members present at a duly held meeting shall be regarded as the <br /> act of the board. <br /> ARTICLE IV <br /> POWERS AND DUTIES OF THE EXECUTIVE BOARD <br /> Section 1: Subject to the provisions contained herein and applicable law, the Executive <br /> Board shall have the power and authority to exercise all the rights of the <br /> Association, including, but not limited to: <br /> (a) Adopt rules and regulations governing the use of the common area and <br /> facilities, the personal conduct of the members and their guests thereon, and <br /> establish penalties for the infraction thereof, <br /> (b) Employ a professional property manager, an independent contractor, or <br /> other employees as they deem necessary, and prescribe their duties; provided <br /> always, any contract for professional management must contain a clause <br /> requiring not more than 90 days termination notice; <br /> (c) Procure, maintain and pay premiums on an insurance master policy(s) and <br /> equitably assess the Owners of the same for their prorata portion of such <br /> expense, and to procure and maintain liability insurance for the Board of <br /> Directors. <br /> (d) Impose and receive any payments, fees, or charges for the use, rental, or <br /> operation of the Common Elements other than for service provided to Unit <br /> Owners; and <br /> (e) Exercise all other powers that may be exercised in this state by legal <br /> entities of the same type as the Association; <br /> (f) Exercise any other powers necessary and proper for the governance and <br /> 25 <br />