1. Executive Officers. The executive officers of the Association shall be a President, Vice-President, Secretary and Treasurer, all of whom shall be elected annually by the Board of Directors. All executive officers of the Association shall be Directors. Any two offices may be held by the same person, except the offices of the President and Secretary.
2. Special Officers. The Board of Directors may from time to time elect such other officers as the affairs of the Association require, each of whom shall hold office for such period, have such authority, and perform such duties as the Board may prescribe.
3. Term. The executive officers shall hold office for one (1) year, serve until his or her death, resignation, retirement, removal, disqualification, or until his or her successor has been appointed, elected and qualified.
4. Removal or Resignation. Any officer may be removed from office with or without cause, at any time, by action of a majority of the members of the Board then in office. Any officer may resign at any time by giving written notice to the Board, the President, or the Secretary. Such resignation shall take effect on the date of receipt of the notice, unless a later time is specified therein. The acceptance of the resignation shall not be required to make it effective.
5. Vacancy. A vacancy in any office may be filled by the Board of Directors. Any officer appointed to fill a vacancy shall serve for the expired term of the officer he replaces.
6. Duties. The duties of the officers are as follows:
a. President. The President shall preside at all meetings of the Members and Board of Directors; shall have general and active management of the business of the Association; shall see that all orders and resolutions of the Board are carried into effect; and shall see that their duties are performed properly; shall be an ex-officio Member of all Committees, and shall have the general powers and duties of supervision and management usually vested in the office of the president of a corporation.
b. Vice-President. The Vice-President shall act in the place and stead of the President in the event of his absence, inability or refusal to act, and shall exercise and discharge such other duties as may be prescribed by the Board.
c. Secretary. The Secretary shall record the notes and keep the minutes of all meetings of the Members and of the Board of Directors in one or more books provided for that purpose; shall see that all notices are fully given in accordance with the provisions of these Bylaws or as required by Law; shall be custodian of the Association's records and the seal of the Association and shall see that the seal of the Association is affixed to all documents requiring said seal; shall keep the records of the Association, except those of the Treasurer, and in general, shall preform all duties as from time to time may be assigned to him by the President or by the Board of Directors.
d. Treasurer. The Treasurer shall receive and deposit all monies and other property of the Association in such depositories as may be designated by the Board; shall keep proper books of Account; shall disburse the funds of the Association as ordered by the Board, taking proper vouchers for such disbursements, and shall render to the President and Board of Directors, or whenever they may require it, an Account of all his transactions as Treasurer and of the financial condition of the Association, which records shall be open to inspection by Members at reasonable times; shall, if required, give the Association at the Association's costs, a bond satisfactory to the Board, for the faithful performance of the duties of his office, and the restoration to the Association, in the case of his death, resignation or removal from office, of all books, papers, vouchers, money or other property or whatever kind in his possession belonging to the Association; shall prepare an annual budget and a statement of income and expenditure to be presented to the Members at their annual meeting; shall with the approval of the Board, be authorized to delegate all or part of his responsibilities to competent accounting, collection or management personnel, but in such event, the Treasurer shall retain supervisory responsilibilities, and in general shall perform all duties incident to the office of Treasurer and assigned to him by the President or the Board.
7. Fidelity Bond. The Association shall provide blanket fidelity bonds for anyone who either handles or is responsible for funds held or administered by the Association, whether or not they receive compensation for their services. A management agent that handles funds for the Association should also be covered by its own fidelity bond. Except for fidelity bonds that a management agent obtains for its personnel, all other such bonds shall name the Association as an obligee and their premiums shall be a common expense and paid for by the owner's Association. The fidelity bond shall cover the maximum funds that will be in the custody of the owner's Association or its management agent at any time while the bond is in force. The bonds must include a provision that calls for 10 day's written notice to the Association, any insurance trustee, or any servicer that services a FNMA-owned mortgage in Subdivision, before the bond can be cancelled or substantially modified for any reason.
