5. HRSR 03-01-2010 - Laserfiche WebLink

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6, 9 Removal. A director may be removed from the Board, with or without cause, by a majority vote at any annual or special meeting of the Owners; provided, (i) that the notice of the meeting 'at which removal is to be considered states such purpose; (ii) that the director to be ; removed has a right to be heard at the meeting; (iii) that a new director is elected at the meeting � by the Owners to fill the vacant position caused by the removal; and (iv) that the vote include a mad ority of the votes cast by Owners in the class from which the director was elected. A director may also be removed by the Board if such director (i) has more than two unexcused absences ' from Board rneetings and/or Owne rs me et mgs durOng an y twelve month period, or ( ) is more � than sixty days past due with respect to the payment of Assessments levied against the director's Unit. vacancies created by removal under this Section shall be filled such that the representation l 'rectors as described in Section 6.1 is reserved, � for each class of d� _ p I 6.10 Co ensati.on. Except as authorized by a vote of the Owners at a meeting thereof, the d%roctors shall receive no compensation for their services in such capacity. Directors may be reimbursed for out-of-pocket expenses xn.currcd in the performance of their duties. A director or-an entity in which the director has an interest nay, upon approval by the Board, be reasonably compensated under a contract for goods and services furnished to the Association M a capacity other than as a dhector; provided (i) that the contract is approved by a majority vote of, the Board, excluding the interested director, and (ii) that the director's interest is disclosed to the B o and prior to approval. 6.11 Fidelity Bdnd.. Fidelity bonds or insurance coverage for unlawfixl taping of Association funds shall be obtained and maintained as provided in the Declaration on all directors and officers authorized to handle the Association's funds or other monetary assets. 6.12 Standards of Conduct. In the spirit of fairness, it is the duty of each member of the Board to -represent the entire Bluffs of Elk River Condominium community for the good of the community as a whole. Accordingly, each Board director shall discharge the duties of the position of director in good faith, in a manner that the director reasonably believes to be in the best interests of the .Association as a whole, and 'with the care an ordinarily prudent person in a life position would exercise under similar circumstances. SECTION '7 OFFICERS . 7.1 Nnoipal Officers. The principal officers of the Association shall be a President, � a vice President, a Secretary and a Treasurer, all of whom shall be elected by the directors, The Board may from time to time elect such other officers and designate their duties as in their 'udgme nt y ma be necessary to manage the affairs of the Association. A person may hold more than ono office simultaneously, except those of President and vice President, Only the President and. vice President must be members of the Board, Owners of the same Unit, or affiliates of the Owner if the Owner is other than a natural person, may not simultaneously serve as officers of the Association unless undm* �.ously. elected by the B oard. 7.2 Election. The officers of the Asso ciation shall be elected manually by the Board at its annual meeting and shall hold office At the pleasure of the Board. MPLS -word 2023 67.2 9