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36 <br /> without notice, or as determined by the Board, at such place and hour as may be fixed from time <br /> to time by resolution of the boardBoard. Special meetings of the Executive Board <br /> may be called by any member of the Executive Board, after not less than three _(3) <br /> days-notice to the other_Executive Board member.members. <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 act <br /> 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 Board <br /> shall have the power and authority to exercise all the rights of the Association, <br /> including,but not limited to: <br /> (a) (a) Adopt rules and regulations governing the use of the common area <br /> and facilities, the personal conduct of the members and their guests thereon, and <br /> establish penalties for the infraction thereof, <br /> N (b) Employ a professional property manager, an independent contractor, <br /> or other employees as they deem necessary, and prescribe their duties; provided <br /> always, any contract for professional management must contain a clause requiring <br /> not more than 90 days termination notice; <br /> (e) (c) Procure,maintain and pay premiums on an insurance master policy(s) <br /> and equitably assess the Owners of the same for their prorata portion of such expense, <br /> and to procure and maintain liability insurance for the Board of Directors... <br /> (-d) (d) Impose and receive any payments, fees, or charges for the use, rental, <br /> or operation of the Common Elements other than for service provided to Unit Owners; <br /> (e) (e) Exercise all other powers that may be exercised in this state by legal <br /> entities of the same type as the Association; <br /> (� f1 Exercise any other powers necessary and proper for the governance <br /> and <br /> 14 <br />