1. Regular Meetings. The first regular meeting of each newly elected Board of Directors shall be held immediately upon adjournment of the meeting at which such Board was elected, provided a quorum is present, or as soon thereafter as may be practicable. Subsequent regular meetings of the Board shall be held, at such place and hour as may be fixed from time to time by resolution of the Board, after not less than three (3) day's notice to each Director.
2. Special Meetings. Special Meetings of the Board of Directors shall be held when called by the President, or by any two (2) Directors, after not less than three (3) day's notice to each Director.
3. Quorum. A majority of the Board then in office shall constitute a quorum for the transaction of business. The act of the majority of the Directors present at a meeting at which a quorum is present shall be regarded as an act of the Board.
4. Waiver of Notice. Attendance of a Director at any meeting shall constitute waiver of notice except where a Director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. If a meeting of Directors, which is otherwise valid, is held without proper call or notice, action taken at such a meeting is deemed ratified by a Director who did not attend, unless promptly, after having knowledge of the action taken and of the impropriety in question, he files with the Secretary of the Association his written objection to the holding of the meeting or to any specific action so taken.
5. Action without a Meeting. Any action taken by a majority of Directors without a meeting is nevertheless effective if written consent to the action is obtained from all the Directors and filed with the minutes of the proceedings of the Board, whether done before or after the action so taken.
6. Attendance by Telephone. Any Director may participate in a meeting of the Board, by means of a conference telephone or similar communications device which allows all persons participating in the meeting to hear each other. Such participation by a Director in a meeting shall be deemed presence in person by the Director at such meeting.
