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200112096 <br />statement of their disapproval; and any such plans and <br />specifications so disapproved may be revised and resubmitted for <br />consideration. <br />3. Neither the approval or disapproval of any such final <br />plans shall be deemed or constitute any guarantee, warranty, or <br />other representation by the Corporation as to the feasibility, <br />practicability, or structural or other soundness or suitability of <br />any such final plans or specifications, or any such proposed <br />building or structure. <br />4. Subject to'regulations or rules from time to time <br />adopted by it, the Architectural Control Committee shall consider <br />requests for partial or entire waiver of application of any <br />covenant or easements subject to such waiver by the Corporation and <br />may issue a permit granting any such request to the extent <br />consistent with factors of concern to the Corporation. <br />G. Other Committees. There may be an Executive Committee of <br />the Board of- Directors and other committees of the Board of <br />Directors as the Chairman and Members of the Board of Directors may <br />from time to time determine necessary. <br />H. Liability. No Director shall be accountable or liable for <br />any expense, gain, loss or profit, in connection with any <br />transaction in which such Director may have an actual or potential <br />direct or indirect adverse interest; and no such transaction shall <br />be void or voidable, even if the vote of such Director may be <br />required for its authorization or ratification. <br />I. Fees and Expenses. The Directors shall serve without <br />remuneration for their services as Directors, but the Board of <br />Directors may provide for the reimbursement of expenses incurred by <br />them. <br />SECTION III. <br />OFFICERS <br />A. Officers. Officers shall be appointed and elected as <br />follows: <br />1. The principal officers shall be a President, Vice - <br />President and Secretary- Treasurer, who shall not be required to be <br />Directors, who shall be elected annually by the Board of Directors <br />at each annual meeting for a term of one (1) year, and who may <br />succeed themselves in office. <br />2. The Board of Directors may from time to time appoint, <br />discharge, engage or remove subordinate officers to the principal <br />officers that may be necessary for the management of the affairs of <br />the Corporation. <br />-5- <br />