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200511123 Section 2. Powers and Duties. The Executive Board shall have the powers and duties necessary for the administration of the affairs of the Association and the Condominium. and may do all such acts and things except as by law or by the Master Deed and Declaration or by these By- Laws may not be delegated to the Executive Board by the unit owners. Such powers and duties of the Executive Board shall include but shall not be limited to the following: (a) Operation, care, upkeep and maintenance of the common areas, limited common areas, and facilities. (b) Determination of the common expenses required for the affairs ofthe Condominium, including, without limitation, the operation and maintenance of the condominium property. Common expenses of the Association shall include garbage, water, and sewer expenses. (c) Collection ofthe assessments (which for the purpose of these By.Laws shall mean such portion of the common expenses as are payable by the respective 'owners) from unit owners. (d) Employment and dismissal of the personnel necessary for the maintenance and operation of the general common areas, limited common areas, and facilities. (e) Adoption and amendment of rules and regulations covering the details of the operation and use of the condominium. (t) Opening of bank accounts on behalf of the Association and designating the signatories required therefor. (9) Obtaining the insurance for the Condominium pursuant to Article VI, Section 1. (h) Making of repairs, additions and improvements to, or alterations of the condominium and repairs to, replacement and restoration of the condominium in accordance with the other provisions ofthese By.Laws, after damage or destruction by fire or other casualty or as a result of condemnation or eminent domain proceedings. Section 3. Manacin9 Acent and Manager. The Executive Board may employ for the condominium a managing agent and/or a manager at a compensation established by the Executive Board, to perform such duties and services as the Executive Board shall authorize, including but not limited to the duties listed in subdivisions (a), (c), (d), (g) and (h) of Section 2 of this Article III. The Executive Board may delegate to the manager or managing agent, all of the powers granted to the Executive Board by these By-Laws other than the powers setforth in subdivisions (b), (e), and (t), of Section 2 of this Article III. Section 4. Election and Term. The members of the Executive Board shall be elected to serve until the next annual meeting ofthe Association. Each Executive Board Director shall be elected to serve a term of one (1) year or until his successor shall have been duly elected by the Association. Directors shall be elected by majority vote of the members, there being one vote for each unit in the condominium. 4