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<br /> <br />BY-LAWS <br />OF <br />FAIRWAY VILLAS QWNERS ASSOCIATION <br />ARTICLE i. <br />47ame and Location <br />The Hams of the corporation is Fairway Vi12as Owners <br />Association, hereinafter referred to as the "Association".. <br />The principal office of the corporation shall be Tocated-at <br />Grand Island, )call County, Nebraska, but meetings of-the <br />Directors may be held at such places within the State of <br />Nebraska au ;nay be designated by the Board of Directors. <br />ARTICLE II. -- <br />Def initions <br />As used herein, words specifically defined in the <br />Plaster Deed, which creates the "r'airway Villas Condominium <br />Property ?te<}ime .T_ shall have the same meaning as in these <br />Fay-Laws. <br />ARTICLE III. <br />Members <br />This Assti~::iatican shah have c.c• ^.Em:sers. Instead, each <br />awnex of each villa shall :ae repxc.ser,t~:d on the Sward of <br />Directors. <br />nRTZC?,E 'V. <br />F3aarc a1 kirectcrs <br />'Phe initial 5card cif F>:recr_ors is stated in the Articles <br />of IncorZ>c>ration. ';hat Hcard snail be expanded by the <br />addition Qf directors `rcr.: Fairway ~iilas Condominium Property <br />Regi:~.e II as provided in t3:e Articles of Incorporation and <br />i~iaster Deed anc shah serve until replaced as provided in <br />the _+rtiLles ,^.f Incorporation. <br />AR`I`ICL.~'. V. <br />MeetlncZs Of Directors <br />1. Reyuiar Meetings. The regular meetings of "the <br />Board of 'virectors shah be held without notice, at such <br />place and hour us :nay be fixed from time to time tsy reso- <br />lution of t*:e ward. w3:ould sai4 meeting fall upon a legal <br />holiday, then that meeting snail be held at the same time on <br />the react day which is not ~ legal holiday. <br />2. ~cia2 Meetings. Special meetings of the Board <br />of Directors snail be hei~2 when called by the )'resident of <br />the .;ssariatian, a.r by any two ;2) Directors, after-not less <br />than three i "s. days'- notice to each Ltia°ector. <br />3. Quorum. Six tSt of the L=irectcars shall constitute ~' <br />a quorum for the transaction of business. Every act car <br />decision. done ar made try a joraty c>f the them incumbent <br />tii.rectors shah. bd regarded as an act of the Board, unless <br />the Articles of :n~;e~rporation, these By-,aws, the hebrasFca <br />i~~h-Frcrfit t'~>rpor:~tion Act ar the Piaster treed require a <br />higher pereentac{e of votes for specific actis~n to be t~sken. <br />~. Pro~€ies~, A duly desisanated an<3 rlualified. F~ireetor <br />may- y.ive hid __~em, <br />.proxy to aheather ~areetor, in writing, fc~r <br />gra..i or sp6xsitic purses. <br />,_ <br />°xFazb t B- <br />