Article Index

Article VIII

Section 1. The officers shall be a President, a Vice President, a Treasurer and a Secretary. All the officers shall be members of the Board of Directors except the Secretary, who may be a member of the Board of Directors.

Section 2. The officers shall be chosen by a majority vote of the Directors.

Section 3. All officers shall hold office during the pleasure of the Board of Directors.

Section 4. The President shall preside at all meetings of the Board of Directors, shall see that the orders and resolutions of the Board of Directors are carried out, and shall sign all checks, notes, leases, mortgages, deeds and all other written instruments, provided that such checks and notes shall also be signed by the treasurer.

Section 5. The Vice President shall perform all duties of the President in his absence.

Section 6. The Secretary shall be ex-officio secretary of the Board of Directors, shall keep record of the votes and the minutes of all proceedings in a book to be kept for the purpose. He shall sign all certificates of membership and shall keep the records of the Association. He shall keep record in a book for that purpose the names of all members of the Association together with their addresses as registered by such members.

Section 7. The Treasurer shall receive and deposit in appropriate bank accounts all monies of the Association and shall disburse such funds as directed by resolution of the Board of Directors, provided, however, that a resolution by The Board of Directors shall not be necessary for disbursements made in the ordinary course of business conducted within the limits or a budget adopted by the Board. The Treasurer shall sign all checks and notes of the Association, provided that such checks and notes shall also be signed by the President or Vice President.

Section 8. The Treasurer shall keep proper books of account. The Board of Directors may cause an annual audit to be made of the books of the Association. The Treasurer shall prepare an annual budget and balance sheet statement which shall be presented to the membership at its regular annual meeting.

Section 9. Any disbursement of funds over the amount of $1,000.00 per year by the Treasurer other than for the improvement and/or maintenance of the services and facilities of the community wells and water system shall require a written vote of a majority of the Class A members as defined in Article III of the Declaration of Covenants for Redfield Estates.