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µ Exhibit "B" ~ t ~ i~ C~ ~ O ~ ~~ BY-LAMS OF THE SAN MARCOS OWNERS ASSOCIATION ARTICLE I. Name and Location The name of the corporation is The San Marcos~Ownsrs Association, hereinafter referred to as the "Association". The principal office of the corporation shall be located at Grand Island, Hall County, Nebras~a, but meetings of the Directors may be held at such places within the State of Nebraska as may be designated by the Board at Directors. AT2TTCLE II. Definitions As used herein, words specifically defined in the Master Deed, which creates The San Marcos Condominium ?~zogerty Regime I shall have the same meaning as .in these By-Laws. The San Marcos Condaminia means and includes any Condo- minium Property Regime created by Master Deed within Lots 1 through 4, inclusive of Lindsey Subdivision in the City of Gratrd Island, Hall County, Nebraska. ARTICLE III. Numbers Thies Association shall ?rave no members. 2nstead, each owner of each villa shall be represented on the Board of Directors, ARTICLE I'1. Board of Directors `the initial Board of Directors is stated in the Arti- cles of Incarporatian. That Boss shah be expanded by the addition of directors Prom the additional San Marcos Conda- minia as provided in the Articles of Incorporation and Master ~1eed and shell take office and serve until replaced as provided in the Articles of incorporation. The desig- nation and replacement of directors shall be effective- as soar as, but only when, the designation is made in writing by the then owners of record of the villa entitled to appoint that director and the writing is delivered to the Secretary of the Association. ARTICLE V. Meetings of Directors 1. Regular Meetings. The regular-meetings of the I#oard of D~.rect~'ors shal~be held without notice, at such glace and hour as may be fixed from time to time by reso- lution of the Board. Should said meeting fail upon a legal holiday, then that meeting shall be held at the same time on tl'~ next day which is not a legal halid$y. Z. S cia3, Miaetin s. SpQCial meetings of the Board of t?ireetvra~s ~-~~~~!~ when called by the Qxesident of the Asse~ciation, or by any. seven (7~ Direetor~s, after not lase than three (3} days' notice to each Director. _~,_ ~xhib.%t ~Bb ~:0 4-he ,st L~esad Creating the San !~ax~cr.,s Cz~n~.is~m,tni~z-nz Property