ANTARES HOMEOWNERS ASSOCIATION
BYLAWS
PAGE 17
ARTICLE V
5. Officers
5.1. Designation.
The Association's principal officers are a President, a Vice President, a Secretary, and a
Treasurer, all elected by the Board. The Board may appoint an Assistant Treasurer, an Assistant
Secretary and such other officers as it determines to be necessary. Officers other than the
President need not be Directors. Any Person may hold more than one office.
5.2. Election of Officers.
The Board shall annually elect the Association's officers at the new Board's organization
meeting. Each officer shall hold his office at the pleasure of the Board, until he resigns or is
removed or otherwise disqualified to serve or his successor is elected and qualified to serve.
5.3. Removal of Officers.
Upon an affirmative vote of a majority of the entire Board, any officer may be removed, either
with or without cause, and his successor elected at any regular meeting, of the Board, or at any
special meeting of the Board called for such purpose. Any officer may resign at any time by
giving written notice to the Board or to the President or Secretary. Any such resignation is
effective on the date of receipt of such notice or at any later time specified therein. Unless
specified in the notice, acceptance of the resignation by the Board is not necessary to make it
effective.
5.4. Compensation.
Officers, agents, and employees shall receive such reasonable compensation for their services as
is authorized .or .ratified by the Board; provided, however, that no officer may receive any
compensation for services performed in the conduct of the Association's business unless such
compensation is approved by the vote or written consent of Members representing at least a
majority of the Association's voting power; and provided further, that (a) nothing in these Bylaws
precludes any officer from serving the Association in some other capacity and receiving
compensation therefor, and (b) any officer may be reimbursed for actual expenses incurred in the
performance of Association duties. Appointment of any officer, agent, or employee does not of
itself create contractual rights of compensation for services performed by such officer, agent, or
employee. Notwithstanding the foregoing, no officer, employee or director of Declarant or any
affiliate of Declarant may receive any compensation.
5.5. President.
The President is the chief executive officer of the Association and shall (a) preside at all
Association and Board meetings, (b) have all of the general powers and duties which are usually
vested in the office of the President of a corporation, including but not limited to the power,
subject to the provisions of Section 4.15, to appoint committees from among the Members as he
decides is appropriate to assist in the conduct of the Association's affairs, and (c) subject to the