Board of Directors: Selection, Term of Office
Section 1: Number. The affairs of this Association shall he managed by a Board of one (1) Director, however, at such time as the permanent Board of Directors is elected pursuant to the Declaration then the number of Directors shall be at least three (3), but not more than five (5) Directors, and each Director must be a Owner of the Association.
Section 2: Term of Office. The first directors, which are elected by the lot owners, one director shall be elected for a term of two years, one director for a term of one year and if there are three or more directors elected, then an uneven number shall be elected for a term of one year and the balance for a period of two years. Thereafter, at each annual meeting of the Owners, they shall elect those directors whose terms have expired for a period of two years.
Section 3: Removal. Any Director may be removed from the Board, with or without cause, by a majority vote of all the Owners of the Association at a meeting called for that purpose. Any vacancy in the Board of Directors created or caused by any reason whatsoever, may be filled by an election held at a special meeting of the Owners of the Association called for that purpose or by the remaining Directors, if a special meeting of the Association does not occur within sixty (60) days of the occurrence of the vacancy.
Section 4: Compensation. No Director shall receive compensation for any service he may render to the Association. However, any Director may be reimbursed for his actual expenses incurred in the performance of his duties.
Section 5: Action Taken Without a Meeting. 'the Directors shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all the Directors. Any action so approved shall have the same effect as though taken at a meeting of the Directors.