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(b) Establishment and maintenance of replacement reserve <br />accounts and other reserves which are required to be <br />maintained by the Oregon Condominium Act or these Bylaws <br />and such other reserve accounts as are permitted by these <br />Bylaws; <br />~. ~, <br />(c) Designation and collection of monthly assessments from <br />the owners, in accordance with these Bylaws, the <br />Declaration and the Oregon Condominium Act; <br />(d) Establishment of a budget and payment of all common <br />expenses of the Association consistent therewith and <br />subject thereto, and institution and maintenance of a <br />voucher system for such payment, which shall require a <br />sufficient number of signatories thereon as may be <br />reasonably necessary to prevent any misuse of Association <br />funds; <br />(e) Obtaining and maintaining insurance policies and payment <br />of premiums therefor out of the common expense funds in <br />respect to both the common elements and individual units, <br />as more specifically provided in Article vIII of these <br />Bylaws; <br />(f) Designation and dismissal of the personnel necessary for <br />the maintenance and operation of the general common <br />elements; <br />(g) Causing the preparation and distribution of annual <br />financial statements of the Association to each of the <br />unit owners as more specifically provided in article XII; <br />(h) Adoption and amendment of administrative rules and <br />regulations governing the details of operation and use of <br />the common elements. Provided, however, any such rules <br />or regulations shall always be subject to rescission or <br />amendment by the Association upon unanimous vote of <br />owners present at any properly called meeting; and <br />(i) Causing the Association to comply with ORS 100.480 <br />relating to maintenance of documents delivered to the <br />Association by the Declarant and maintenance and <br />distribution of financial statements. Also to maintain <br />copies suitable for duplication of the following: <br />Declaration, Bylaws, Association Rules and Regulations <br />and any amendments thereto, the most recent annual <br />financial statement and the current operating budget of <br />the Association. <br />4. MANAGEMENT AGENT. The Board of Directors may employ a <br />management agent, to be compensated in an amount established by the <br />BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 5 <br />