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<br />BY-LAWS <br />PAZRWAY VILLAS Di1NERS ASSOCLATION <br />ARTICLE Z. <br />Name and Location <br />The name of the corporation is Fairway villas ONmers <br />Association, hereinafter referred to as the "Association". <br />The principal office of the corporation shall be located at <br />Grand Island, Kali County, Nebraska, but meetings of the <br />Directors may be held at such places within the State of <br />Nebraska as may be designated by the Board o€ Directors. <br />ARTICLE IZ. <br />Definitions <br />Aa used herein, words specifically 3efined in the <br />Master Deed, which creates the Fairway Villas Condoatinitam <br />Property Regia~ I shall have the same meaning as in these <br />By-Laws. <br />ARTICLE III. <br />Heathers <br />This Association shall have no members. Instead, each <br />owner of each viila shall be represented on the Board of <br />Directors. <br />ARTICLE IV. <br />Board of Directors <br />The initial Board of Directors is stated in the Articles <br />of Incorporation. That Board shall be expanded by the <br />addition of directors from Fairway villas Condominium Property <br />R~ria~ IT_ as pr~:vide;i in the Artielas cf Zncorparation and <br />Master Deed and shall serve until replaced as grovided in <br />the Articiea of Incorporation. <br />ARTICLE V, <br />Meetings of Directors <br />1. Regular Mesti~s. The regular meetings of the <br />Board of Dir store shall be held without notice, at such <br />placa and hour as may be fixed from tia~ to time by reso- <br />l~3tio?c of the Board. Should said meeting fall upon a legal <br />holiday, then that meeting shall be held at the same time on <br />the next day which is not a legal holiday. <br />2. Special Meet_i_n_gs. Special tm~etings of the 5oard <br />of Directors shall be held when called by tie president of <br />the Association, or by any two t2) Directors, after not less <br />than three t3} days' notice to each Birector. <br />2 ~~~ ai8 tf3 of the Directors shall constitute <br />a drum for t. transaction of business. every act or <br />decision dine or amide by a majority of the then incumbent <br />i2ireotssra shall be regarded as an set of the Board, unless <br />the Arti4<1es of Incorporation, these By-Laws, the Nebraska <br />8zofit Corporation Rct or the Master Deed require a <br />#t<i~:r percentage of votes for Sp@c.i.ffC action to be taken. <br />4, sroxies. A duAy designated and qualified Birectar <br />~Y give h~prasy to another Director, in writing, for <br />general oz specific purposes. <br />Exhikiit 8-~ <br />