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amendment so adopted by the Association of Unit Owners, and such amendment so certified shall be
<br />recorded in the Deed Records of Marion County, Oregon. ANY AMENDMENTS TO T~SE BYLAWS
<br />MADE WITHIN FIVE (5) YEARS AFTER THESE ORIGINAL BYLAWS WERE RECORDED MUST BE
<br />APPROVED BY THE OREGON REAL ESTATE COMIVIISSIONER PRIOR TO RECORDING.
<br />ARTICLE XII
<br />RECORDS AND AUDITS
<br />1. G~NFRAT RFCORt~S. The Boazd of Directors and the managing agent or manager, if any,
<br />` shall keep detailed records of the actions of the Boazd of Directors and the managing agent or manager,
<br />~' minutes of the meetings of the Board of Directors and minutes of the meetings of the Association. The
<br />Board of Directors shatl maintain a list of owners entitled to vote at meetings of the Association.
<br />i 2, RF,C'O OF F.c'~? ..~N~ xP . TTLTRFS. The Board of Directors or its designee shall
<br />-. keep detailed, accurate records in chronological order of the receipts and expenditures affecting the
<br />common elements, itemizing the maintenance and repair expenses of the common elements and any other
<br />,. eapenses incurred. Such records and the vouchers authorizing the payments shall be available for
<br />~~.~ examination by the unit owners at convenient hours on regular bnsiness days.
<br />3. REPORTS AND AUDTTS. The Board of Directors shall prepare or cause to be prepared an
<br />~} annual report of the receipts and expenditures of the Association and a balance sheet and income and
<br />~ j expense statement setting forth the financial condition of the Association as at the end of each year. The
<br />report shall be prepared according to generally accepted accounting procedures and shall be distributed to
<br />all unit owners within ninety (90) days after the end of each fiscal year. At any time, any unit owner may,
<br />~ at his own expense, cause an audit or inspection to be made of the books and records of the Association.
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<br />4. . The Board of Directors shall cause an Annual Report to be filed with the
<br />~ Oregon Secretary of State, pursuant to the provisions of ORS 100.250. .
<br />~ ARTICLE ~IIII
<br />~ GOMPLIANCE . .
<br />~~ .
<br />These Bylaws are intended to comply with the provisions of the Oregon Condominium Act, which are
<br />incorporated herein, and to supplement the provision in the Condominium Declazation. In case any of the
<br />} provisions hereof conflict with the provisions of said statutes, the statutory provisions shall apply. In case of
<br />t-~ any conflict between the provisions hereof and the Declaration, the provisions in the Declara.tion shall
<br />apply.
<br />- ~ ARTICLE XIV
<br />IND~MNIFICATION OF DII~CTORS, OFFIC~R.~, FMPL.~ E. A ENT~
<br />~ Subject to the conditions and limitations of the Oregon Constitution and the Oregon Tort Claims Act, the
<br />Association shall indemnify any Director, officer, employee or agent who was or is a party, or is threatened
<br />~ s tnm~ina~dadm~n ~~ ve or inv~e.stigative~(o~ther than an action by the Associationj by reaso~n of the~fact that
<br />~.~ he is or was a Director, officer, employee or agent of the Association or is or was serving at the request of
<br />the Association as a Director, officer, employee or agent of another corporation, partnership, joint
<br />~ adventures, trust or other enterprise, against expenses (including attomeys' fees), judgments, fines and
<br />~ amounts paid in settlement actually and reasonably incurred by said person in connection with such suit,
<br />action or proceeding, if he acted in good faith and in a manner he reasonably believed to be in, or not
<br />opposed to, the best interest of the Association, and, with respect to any criminal action or proceeding, had
<br />no reasonable cause to believe his conduct was unlawful. The ternunation of any action, suit or proceeding
<br />~,' by judgment, order, settlement, conviction, or with a plea of nolo contendere or its equivalent shall not of
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<br />. Bylaws Courthouse Square Condorninium •
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