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meeting of each new board or any board meeting thereafter, 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 or 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 meetings of the <br />Association and of the Board of Directors. <br />5. SECRETARY. The Secretary shall keep the minutes 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 and papers <br />as the Board of Directors may direct; and he shall, in general, <br />perform all the duties incident to the office of Secretary. <br />6. TREASURER. The Treasurer shall have responsibility 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 belonging to <br />the Association. He shall be responsible for the deposit of all <br />monies and other valuable effects in the name, and to the credit, <br />of the Association in such depositories as may from time to time be <br />designated by the Board of Directors. <br />7. DIRECTORS AS OFFICERS. Any Director may be an officer of <br />the Association. <br />ARTICLE VI <br />OBLIGATIONS OF THE OWNERS <br />1. ASSESSMENTS. Al1 owners are obligated to pay annual <br />assessments imposed by the Association to meet all the <br />Condominium's common expenses, which shall include premiums for <br />insurance required or permitted under Article VIII of these Bylaws. <br />In the discretion of the Board of Directors, the annual assessment <br />may be made payable quarterly. The annual assessment shall <br />~ommence upon the recordation of the Declaration. Liability for <br />assessments shall be the binding obligation of the unit owner. <br />Prior to such time, the Declarant shall pay all operating expenses <br />of the Condominium. All of the reserve accounts set up pursuant 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 funds may be <br />increased as necessary, so the reserve fund in question can be <br />maintained in an amount sufficient to meet the needs for which such <br />fund was established. <br />BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 8 <br />