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200709255 Section 5. Removal of Directors. At any regular or special meeting of the Association, anyone or more of the members of the Executive Board may be removed with or without cause by a vote of a majority of the members and a successor may then and there or thereafter be elected to fill the vacancy thus created. Any members of the Executive Board whose removal has been proposed by the Association owners shall be given reasonable notice of and an opportunity to be heard at the meeting. Section 6 Vacancies. Vacancies in the Executive Board caused by any reason other than the removal of a member thereof by a vote of the Association shall be filled by vote of a majority of the remaining Directors at a special meeting of the Executive Board held for that purpose promptly after the occurrence of any such vacancy, even though the members present at such meeting may constitute less than a 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 Meetinq. 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 Meetinqs. 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 g. 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 or 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 me~ting fron: 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. 5