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.+'~-"...,~~ r Section 2. Powers and Outie~~~ 83- 1)02537 TheBd3rd of Administrators shall have the powers and duties necessary '. for the adJIill'ilsttation'of the affairs of the Association and the Condominium Property Regime, and. may. CJi:I. all such acts and thinqs except as by law or by the Master Deed or . by theft By-Laws ..yoot be deleqated to the Board of Administrators by the suite owners. Such powers and duties of the BOard of AdminiStrators shall include but shall not be limited to the followiilq, (a} Operation, care, upkeep and maintenance of the common areas, limited common areas, and facilities. (b) Deter.mination of the COlllll1Oll expenses required for the affairs of the Condominium, includinq, without limitation, the operation and maintenance of the Regime. (c) collection of the assessments (which for t~ purpose of these By-Laws shall mean such portion of the C01lllllOn expenseS as are payable by the respective owners) from owners. (d) ElIIployment and diSlllissal 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 coverinq the details of the operation and use of the Condominium Property Regime. lfl Opening of bank accounts on behalf of the Association and designating the siqnatories required therefor. 19l Obtaininq of insurance for the Condominium Propl!rty Regi.., inclUding the suites pursuant to the provisions of Article VI, Section 1 hereof. (h) Making of repairs, additions and improvements to or alterations of the Cond_inium Property REoqi_ and repairs to and restoration of the Condominium Property Regime in accordance with the other provisions of these By-Laws, after damage or destruction by fire or other casualty or as a cesultof condeanation or eminent domain prOCeedings. Seou~ 3. Man~i.ng Agent and Mana~er. The Board of Administrators may e~loy for the COndominiull Property Regime lII14 _n&g.inq agent and/or man~er at a cOIIIpensation established by the BoIlrd of A4Ia1nistrators, to Plrfora such duties and services as the Board of Adainistrat~s shall authoriz., including but oot limited to the duties listed in subdivisions la), Ie), (d), ~~. and (bl of Section 2 of this Article III. The Board of AdlIlinistratora may a.J,egate to the man~er or _naging agent, all of the powers granted to the BoIlrd ofA4a!nistrators by these By-Laws other than the powers set forth in subdivisions (b), Ie), (f), of Section 2 of this Article III. section t. Election and Terlll. At the first annual meeting of the Association. the mesbers of the BoIlrd 0( ~ni.trators shall be elected to serve until the next annual meetinq of the -'JII;leiat:1on: provided that if said next annual meetin<] is le.s than six (61 IIlontha f~..t&edateo.f thtl first aMual _ti!lCJ. the Adlllinistrators sball he elected to ~.. unt.il tbe annual meetin9 i~iately following the next annaul meeting .....~ i~lQ. than six (61 _nths in the future. ~b Adlainistrator shall he eliICtll4 ~~"r l:QlIeKvea terll of one {ll year or until his successor shall have ~Il le):ted .~ the AlII8OCiation. IId!alnietratou shall he elected by the vote of the ,of. ..,<<it}' of tbehasic: value of the Condolaini\lll Property Regi.., usimJ ,lMtt~.."t fw:tb ill Paugraph VI of the Master Deed. -4- ......;.,..~,