Section 1. Number of Officers. The officers shall be a President, a Vice President, a Secretary and a Treasurer. One person may hold the office of Vice President and Treasurer. The President and the Vice President shall be members of the Board of Directors.
Section 2. Election and Term. The officers shall be chosen by majority vote of the directors. All officers shall hold office during the pleasure of the Board of Directors.
Section 3. President. The President shall preside at all meetings of the Board ofDirectors, shall see that orders and resolutions of the of the Board of Directors are carried out and sign all notes, checks, leases, mortgages, deeds and all other written instruments.
Section 4. Vice President. The Vice President shall perform all the duties of the President in his absence.
Section 5. Secretary. The Secretary shall be ex-officio the Secretary of the Board of Directors, shall record the votes and keep minutes of all proceedings in a book to be kept for the purpose. He shall keep records of the Corporation. He shall record in a book kept for that purpose the names of all members of the Corporation, together with their addresses as registered by such members.
Section 6. Treasurer. The Treasurer shall receive and deposit in appropriate bank accounts all monies of the Corporation and shall disperse such funds as directed by resolution of the Board of Directors, provided, however, that a resolution ofthe Board of Directors shall not be necessary for disbursements made in the ordinary course of business conducted within the limits of a budget adopted by the Board. The President or Treasurer shall sign all checks and notes of the Corporation. The Treasurer shall further keep proper books of account and cause an audit of the corporate books to be made by a certified public accountant at the request of two or more Board Officers or upon request of a majority vote of a quorum of residents entitled to vote as defined in the Bylaws. He shall prepare an annual budget and an annual balance sheet statement; and the budget and balance sheet statement shall be presented to the membership at its regular annual meeting.
Section 7. Vacancies. Whenever any vacancies shall occur in any office by death, resignation, increase in the number of officers of the Corporation, or otherwise, the same shall be filled by the Board of Directors, and the officer so elected or appointed shall hold office until his or her successor is elected or appointed and qualified, or until death, resignation or removal.