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200314908 <br />ARTICLE Ill. EXECUTIVE BOARD <br />Section 1. Number and Qualification. <br />The affairs of the Association and the Condominium shall be governed by an <br />Executive Board (also called "Directors "). Declarant, pursuant to Article VI of the <br />Master Deed and Declaration shall designate all members of the Executive Board and <br />officers of the Association. The Executive Board shall be composed of not less than <br />three (3) nor more than eight (8) persons, all of whom shall be unit owners in the <br />Condominium, unless at the time there are less than three owners in the Condominium. <br />Section 2. Powers and Duties. <br />The Executive Board shall have the powers and duties necessary for the <br />administration of the affairs of the Association and the Condominium, and may do all <br />such acts and things except as by law or by the Master Deed and Declaration or by <br />these By -Laws may not be delegated to the Executive Board by the unit owners. Such <br />powers and duties of the Executive Board shall include but shall not be limited to the <br />following: <br />(a) Operation, care, upkeep and maintenance of the common <br />areas, limited common areas, and facilities. <br />(b) Determination of the common expenses required for the <br />affairs of the Condominium, including, without limitation, <br />the operation and maintenance of the condominium <br />property. Common expenses of the Association shall <br />include garbage, water, and sewer expenses. <br />(c) Collection of the assessments (which for the purpose of <br />these By -Laws shall mean such portion of the common <br />expenses as are payable by the respective owners) from <br />unit owners. <br />(d) Employment and dismissal of the personnel necessary for <br />the maintenance and operation of the general common <br />areas, limited common areas, and facilities. <br />(e) Adoption and amendment of rules and regulations covering <br />the details of the operation and use of the condominium. <br />(f) Opening of bank accounts on behalf of the Association and <br />designating the signatories required therefor. <br />(g) Obtaining the insurance for the Condominium pursuant to <br />Article VI, Section 1. <br />(h) Making of repairs, additions and improvements to, or <br />alterations of the condominium and repairs to, replacement <br />and restoration of the condominium in accordance with the <br />other provisions of these By -Laws, after damage or <br />destruction by fire or other casualty or as a result of <br />condemnation or eminent domain proceedings. <br />4 <br />