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~ <br />~ <br />ARTICLE III <br />ADMINISTRATION <br />1. ASSOCIATION RESPONSIBILITIES. The owners of 1 <br />will constitute the Association of Unit Owners ("Assoc <br />which will have the responsibility of administering the <br />approving the annual budget (and any adjustments or <br />thereto), establishing and collecting quarterly assessn <br />arranging for the operation, management and maintenanc <br />Condominium, including negotiating and contracting <br />supervising any person, persons or business entity with r~ <br />such matters. The Association of Unit Owners shal <br />unincorporated association, unless the unit owners <br />incorporate under the nonprofit corporation laws of the <br />Oregon. <br />:he units <br />_ation"), <br />project, <br />~evisions <br />~ents and <br />__ of the <br />vith and <br />~spect to <br />1 be an <br />~lect to <br />State of <br />2. PLACE OF MEETINGS/OPEN MEETING LAWS. Formal me tings of <br />the Association shall be held at such place as is agreed pon from <br />time to time by authority of the owners. <br />3. TURNOVER MEETING. The turnover meeting (wh: <br />constitute the initial organizational meeting) shall be <br />later than sixty (60) days following the recordatio~ <br />Declaration. The turnover meeting shall be called by noti <br />unit owners of the time, place and purpose thereof not <br />seven ( 7) nor more than f if ty ( 50 ) days before the mee1 <br />such meeting is not called by the Declarant within <br />specified, any unit owner may call a meeting and give t <br />referenced notice. <br />At the turnover meeting, the Declarant shall r <br />control of the administration of the Association, the un <br />shall assume such control and the unit owners shall elec <br />of directors in accordance with the provisions of Artic <br />these Bylaws. Additionally, the Declarant shall delivE <br />Association those items specified in the Oregon Condomini <br />be turned over by the Declarant at the turnover meeting. <br />4. ANNUAL MEETINGS. The first annual meetinc <br />Association shall be held not later than the end of the <br />year following the calendar year in which the turnover m <br />held and shall be set by action of the Board of Directors <br />discretion of the Board of Directors, the date for this me <br />be changed from time to time, but must be held annually. <br />meetings, new members, if any, of the Board of Directors <br />designated by the owners in accordance with the requir <br />Section 6 of Article IV of these Bylaws. The owners <br />transact such other business of the Association as may <br />come before them. <br />ch shall <br />held not <br />of the <br />~e to all <br />_ess than <br />ing. If <br />the time <br />ie above- <br />~linquish <br />.t owners <br />. a board <br />le IV of <br />r to the <br />im Act to <br />of the <br />calendar <br />~eting is <br />. At the <br />=ting may <br />At such <br />shall be <br />~ments of <br />may also <br />properly <br />~ BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 3 <br />