Orange County NC Website
Browse       Search
i <br /> 37 <br /> _operation of the Association; and <br /> W Have and to exef ise(g) Exercise any and all powers, rights and privileges <br /> which aan unincorporated non-profit association of the State of North Carolina by <br /> law may now or hereafter have or exercise. <br /> Section 2: It shall be the duty of the Executive Board to: <br /> (a) (a) Cause the Common Elements to be maintained,repaired,and replaced <br /> as necessary, and to assess the Unit Owners to recover the cost of the upkeep of the <br /> Common Elements-.,- <br /> (b) <br /> lements;(b) It shall be the duty of the Executive Board to consider the establishment and <br /> maintenance of capital reserves for future anticipated Common Element expense and <br /> have a study to be conducted once eveiy five (5) years to evaluate and recommend <br /> the current and projected capital reserve requirements for the Condominium; <br /> (l) (c) Serve as the architectural committee, or the right to delegate that <br /> responsibility; <br /> (E} (d) Keep a complete record of all its acts and corporate affairs and present <br /> a statement thereof to the members at the annual meeting, or at any special meeting <br /> when such statement is requested in a writing signed by X50% of the members; <br /> (d) (e) Supervise all officers, agents and employees, if any, _of the <br /> Association, and see that their duties are properly performed; <br /> (0 (D Create a-yan annual assessment budget and the mechanism for the <br /> Town and County to promptly collect and pay for all Association obligations to <br /> maintain the Common Elements... <br /> (4} (g) Procure and maintain, at all times, adequate replacement coverage <br /> hazard insurance on the property owned by the Association and all property for which <br /> the Association has the duty to maintain, and sufficient liability insurance to <br /> adequately protect the Association as provided in G.S. § 47C-3-113; aPA <br /> (g) (h) Cause all officers or employees, including officers and <br /> employees of professional management, having fiscal responsibilities to be bonded, <br /> as it may deem appropriate... <br /> (i) Cause the establishment and appointment of members to a committee known as <br /> the Drakeford Facility Operations Committee, as outlined in the Memorandum of <br /> Understanding(the "MOU"). The Drakeford FacilityOperations Facility Committee <br />