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meeting of each new board or any board meeting therea~ter, and <br />shall hold office at the pleasure of the board. <br />3. REMOVAL OF OFFICERS. Upon a vote of the Board of <br />Directors, any officer may be removed, either with o without <br />cause, and his successor elected at any regular or special meeting <br />of the Board of Directors. <br />4. CHAIR. The Chair shall preside at all meetin~s of the <br />Association and of the Board of Directors. <br />5. SECRETARY. The Secretary shall keep the minut s of all <br />meetings of the Board of Directors and the minutes of all meetings <br />of the Association; he shall have charge of such books a d papers <br />as the Board of Directors may direct; and he shall, in general, <br />perform all the duties incident to the office of Secreta y. <br />6. TREASURER. The Treasurer shall have responsib'lity for <br />Association funds and securities not otherwise held by the managing <br />agent, and shall be responsible for keeping full and accurate <br />accounts of all receipts and disbursements in books bei nging to <br />the Association. He shall be responsible for the depos't of all <br />monies and other valuable effects in the name, and to th credit, <br />of the Association in such depositories as may from time t time be <br />designated by the Board of Directors. <br />~ 7. DIRECTORS AS OFFICERS. Any Director may be an fficer of <br />the Association. <br />ARTICLE VI <br />OBLIGATIONS OF THE OWNERS <br />l. ASSESSMENTS. All owners are obligated to p y annual <br />assessments imposed by the Association to meet all the <br />Condominium's common expenses, which shall include pre iums for <br />insurance required or permitted under Article VIII of thes Bylaws. <br />In the discretion of the Board of Directors, the annual a sessment <br />may be made payable quarterly. The annual assessment shall <br />commence upon the recordation of the Declaration. Liab lity for <br />assessments shall be the binding obligation of the un t owner. <br />Prior to such time, the Declarant shall pay all operating expenses <br />of the Condominium. All of the reserve accounts set up pu suant to <br />these Bylaws shall be funded by allocation and payment from the <br />quarterly assessment of unit owners. The assessment of all unit <br />owners who may be benefitted by expenditure of reserve fun s may be <br />increased as necessary, so the reserve fund in questi n can be <br />maintained in an amount sufficient to meet the needs for w ich such <br />fund was established. <br />~r BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 8 <br />