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quorum, and each person so elected shall be a member of the Executive Board for the remainder of the term of the member so removed and until a successor shall be elected at the next annual meeting of the Association. Section 7. Annual Board Meeting. The annual meeting of the members of the Executive Board shall be held immediately following the annual meeting of the Association, at such time and place as shall be fixed by the Association at the meeting at which such Executive Board shall have been elected, and no notice shall be necessary to the newly elected members of the Executive Board in order to legally constitute such meeting, providing a majority of the whole Executive Board shall be present thereat. Section 8. Special Board Meetings. Special meetings of the Executive Board may be called by the President upon five (5) business days' notice to each member of the Board, given by mail, which notice shall state the time, place, and purpose of the meeting. Special meetings of the Executive Board shall be called by the President or Secretary in like manner and like notice on the written request of at least three (3) members of the Executive Board, unless there are less than three (3) members, in which event, upon the written request of the one or two remaining. Section 9. Waiver of Notice. Any member of the Executive Board may, at any time, waive notice of any meeting of the Executive Board in writing, and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a member of the Executive Board at any meeting of the Board shall constitute a waiver of notice to him of the time and place thereof. If all the members of the Executive Board are present at any meeting of the Board, no notice shall be required and any business may be transacted at such meeting. Section 10. Quorum. At all meetings of the Executive Board, a majority of the members thereof shall constitute a quorum for the transaction of business, and the votes of a majority of the members of the Executive Board present at a meeting at which a quorum is present shall constitute the decision of the Executive Board. If at any meeting of the Executive Board there shall be less than a quorum present, a majority of those present may adjourn the meeting from time to time. At any such adjournment at which a quorum is present, any business which might have been transacted at the meeting originally called, may be transacted without further notice. Section 11. Fidelity Bonds. 201309492 The Executive Board may obtain adequate fidelity bonds for all officers and employees of the Association handling or responsible for Association funds. The premiums on such bonds shall constitute a common expense. Section 12. Compensation. No member of the Executive Board shall receive any compensation from the Association for acting as such, except that members shall receive reimbursement for expenses actually incurred by them as Directors. Section 13. Liability of Directors. The members of the Executive Board shall not be liable to the unit owners for any mistake of judgment, negligence, or otherwise, except for their own individual willful misconduct or bad faith. The members of the Executive Board shall have no personal liability with respect to any contract made by them on behalf of the Association. Every agreement made by the Executive Board or by the managing agent or by the manager on behalf of the Association shall provide that the 5