The directors shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all the directors. Any action so approved shall have the same effect as though taken at a meeting of the directors.
No director shall receive compensation for any services rendered to the Association. However, any director may be reimbursed for actual expenses incurred in the performance of duties.
Any director may be removed from the Board, with or without cause, by a majority vote of the Members of the Association. In the event of death, resignation or removal of a director, a successor shall be selected by the remaining Members of the Board and shall serve for the unexpired term of the predecessor.
At the first annual meeting the Members shall elect two (2) directors for a term of one (1) year and three (3) directors for a term of two (2) years. At successive annual meetings, the Membership shall alternate between electing three (3) directors and two (2) directors as the expiration of terms shall occur and all such directors shall be elected for a term of two (2) years of until their successors are elected and qualified.
The incorporator, in addition to other powers conferred upon him by law, shall name the persons who shall constitute the first Board of Directors to serve until the first annual meeting of the Members and until their successors have been duly elected and qualified.
The affairs of this Association shall be managed by a Board of five (5) directors, who need not be Members of the Association (hereinafter sometimes referred to as the “Board of Directors” or the “Board”).