The Bader Condominium Bylaws - Article V

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Article V. Officers

1. Designation

The principal officers of the Association are a President, a Vice President, a Secretary, and a Treasurer. The Board of Directors may appoint assistant secretaries and an assistant treasurer. All officers except an assistant secretary or assistant treasurer must be members of the Board of Directors.

Two offices may be held by the same person, except that the President shall not hold any other office; provided, no one officer shall execute, acknowledge, or verify any instrument in more than one capacity.

2. Election of Officers

The officers of the Association shall be elected by the Board of Directors from among its members at its annual meeting to serve until successors have been elected and qualified. The term of office of the officers shall be fixed for one (1) year.

3. Removal of Officers; Vacancies

An officer may be removed with or without cause at a meeting of the Board of Directors, at which a quorum is present, by a majority of the votes cast. Any officer shall cease to be an officer at such time as he/she ceases to be either a Unit Owner or a resident of the Condominium. A vacancy in the office of President shall be automatically filled by the Vice President. Any vacancy in any other office caused by any reason shall be filled by the Board of Directors within 30 days at a regular or special meeting of the Board for that purpose.

4. President

The President is the chief executive officer of the Association; he/she shall preside at meetings of the Association and the Board of Directors and shall be an ex-officio member of all committees; he/she shall have general and active management of the business of the Association, subject to the control of the Board of Directors, and shall see that all orders and resolutions of the Board of Directors are carried into effect. The President shall have the power to appoint committees from among the Unit Owners from time to time as he/she may in his/her discretion decide.

5. Vice President

The Vice President shall perform the duties and exercise the powers of the President in the absence or disability of the President and shall perform such other duties as the Board of Directors may prescribe.

6. Secretary

The Secretary shall attend all meetings of the Board of Directors and the Association and shall record the voting and the minutes of all proceedings in a book to be kept by him/her for that purpose. He/she shall give notice of meetings of the Association and the Board of Directors and shall perform such other duties as may be prescribed by the Board of Directors or the President. The Secretary shall compile and keep current, at the principal office of the Condominium, a complete record of the Unit Owners, and their last known post office addresses. This records of Unit Owners shall be open to inspection by all Unit Owners at reasonable hours during regular business days. The Secretary shall also keep current and retain custody of the minutes book of the proceedings of the Association, the Board of Directors, and committees. An assistant secretary shall perform the duties and exercise the powers of the Secretary in the absence or disability of the Secretary and shall perform such other duties as the Board of Directors may prescribe. Wherever these Bylaws require the Secretary to do an act, the Secretary may delegate that the required act is done.

7. Treasurer

The Treasurer shall have custody of funds and securities except those funds which are placed under the control of the Managing Agent, and, with the assistance of the Managing Agent, shall keep full and accurate records of receipts and disbursements and shall deposit all monies and other valuable effects in such depositories as may be designated by the Board of directors. He/she shall disburse funds as ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the President and the Board of Directors, at the regular meetings of the Board of Directors, or whenever they may require, an account of all of his/her transactions as Treasurer and of the financial condition of the Association. The Assistant Treasurer shall perform the duties and exercise the power of the Treasurer in the absence or disability of the Treasurer and shall perform such other duties as the Board of Directors may prescribe.

8. Compensation of Officers

No officer shall receive any compensation from the Association for acting as such, but each shall be reimbursed for all reasonable out-of-pocket expenses incurred by him/her in the proper performance of his/her duties.

9. Agreements, Contracts, Deeds, Checks

All agreements, contracts, deeds, leases, checks, and other instruments of the Association for expenditures or obligations over $2,000 shall be executed by any two officers of the Association or by such other person or persons as may be designated by the Board of Directors. All such instruments for expenditures or obligations of $2,000 or less may be executed by any one officer of the Association or by such other person or persons as may be designated by the Board of Directors.