6.1 Number and Election
At a minimum, there shall be the officers of President, Secretary, and Treasurer. The President and Secretary must be members of the Board, and they cannot be the same person. Immediately following the annual meeting, the Board will go into a special session for the purpose of electing a President, Secretary, and Treasurer for the following year. The balloting for President and Secretary shall be by secret ballot and shall continue until one (I) Director receives at least a simple majority of the votes cast. The balloting for Treasurer shall be by secret ballot and shall continue until one (1) person receives at least a simple majority of the votes cast.
President or Secretary vacancies that occur during a term shall be filled for the remainder of that term by using this secret balloting process.
From time to time the Board may appoint one (I) or more Vice Presidents and such Assistant Secretaries, Assistant Treasurers and such other officers, agents and employees as it deems proper.
6.2 Term and Removal
All officers shall be elected by and serve at the discretion of the Board, and any officer may be removed from office, either with or without cause, at any time, by the affirmative vote of a majority of the Directors. Any vacancy of any office occurring for whatever reason may be filled by the Board.
6.3 Powers and Duties
The officers of the POA shall each have such powers and duties as from time to time may be conferred upon them by the Board. The Vice President or Vice Presidents, the Assistant Secretary or Assistant Secretaries and Assistant Treasurer or Assistant Treasurers shall, in the order of their respective seniorities, in the absence or disability of the President, Secretary or Treasurer, respectively, perform the duties of such officer and shall generally assist the President, Secretary or Treasurer, respectively. Without limiting the foregoing:
A. The President shall preside at meetings of the Directors and at meetings of the Members of the POA;
B. The Secretary shall issue notices for and keep minutes of all corporate meetings and shall have charge of the corporate seal and other corporate books and records of the POA;
C. The Treasurer shall fulfill the requirements of the treasurer's job description as approved from time to time by the Board.
D. Except as otherwise required by law or the Declaration, the Board of Directors by resolution approved by a majority the Directors may authorize in specific instances any officer or officers of the POA in the regular course of business to negotiate and execute contracts to buy, sell, lease or exchange any and all of the real estate or other property of the POA, and to negotiate and enter into loans to be secured by notes, pledges, deeds to secure debt, mortgages and/or other instruments encumbering the property of the POA, all without additional prior approval of the Board.
