Agenda 01-20-2026; 6-b - Condominium Agreement with the Town of Carrboro for the Operation of the Drakeford Library Complex

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70 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, without notice, or as determined by the Board, at such place and hour as may be fixed from time to time by resolution of the Board. Special meetings of the Executive Board may be called by any member of the Executive Board, after not less than three (3) days-notice to the other Executive Board members. Section 2: A majority of the Executive Board members shall constitute a quorum for the transaction of business. Every act or decision done or made by a majority of the Executive Board members present at a duly held meeting shall be regarded as the act of the board. ARTICLE IV POWERS AND DUTIES OF THE EXECUTIVE BOARD Section 1: Subject to the provisions contained herein and applicable law, the Executive Board shall have the power and authority to exercise all the rights of the Association, including,but not limited to: (a) Adopt rules and regulations governing the use of the common area and facilities, the personal conduct of the members and their guests thereon, and 28