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200602228 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) Detenmination ofthe common expenses required forthe affairs ofthe Condominium, including, without limitation, the operation and maintenance of the condominium property. Common expenses ofthe Association shall include garbage, water, and sewer expenses. (c) Collection of the 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. (f) Opening of bank accounts on behalf of the Association and designating the signatories required therefor. (g) 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 of these By-Laws, after damage or destruction by fire or other casualty or as a result of condemnation or eminent domain proceedings. Section 3. Manaainq Aqent and Manaaer. 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 set forth in subdivisions (b), (e), and (f), of Section 2 of this Article Ill. Section 4. Election and Tenm. 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 tenm 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