H. Board Meetings.

The Board of Directors shall meet at least once a month during each month of the year except July and August at such time and place as the Board may determine. Special meetings of the Board may be called by the President or by at least five members of the Board.

I. Notice.

Notice of the time and place of any meeting of the Board shall be given to each director not less than 48 hours before the time of the meeting. Notice of any special meeting shall also include its purpose. Notice may be given by U.S, mail, telephone, telefax or e-mail.

J. Emergency Meetings.

For Extraordinary Emergencies, meetings may be called on less than 48 hours’ notice, by agreement of 1/2 of all directors, as confirmed or ratified by email or other writing or vote at such meeting.

K. Telephonic Participation.

Board Directors may be permitted to participate by telephone or by other means where they can hear the proceedings and be heard by those present at the meeting. There is no requirement for the Association to provide for telephonic or other electronic communications devices at any meeting. A Director who is able to participate by telephone or other means shall be counted as present for quorum purposes and shall be entitled to vote on matters as if he or she were present at the meeting.

L. Quorum.

The presence of 15 directors at any board meeting (including those participating pursuant to Section K above) shall constitute a quorum for the transaction of any business which may properly come before the meeting.

M. Minimum Vote Required for Official Action.

The act of a majority of the Directors present at a meeting at which a quorum is present (as provided in Section L above) shall be the official act of the Board of Directors, unless the act of a greater number is required by law or by these By-Laws; provided, however, that in no event may any official action be taken without at least seven affirmative votes.

N. Informal Action.

Any action required by law to be taken at a meeting of Directors or any action that may be taken at a meeting of Directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the Directors. Consent by e-mail shall be deemed consent in writing.

O. Limitations on Powers of Board.

The Board of Directors shall not have the authority without the prior approval of the members to make any contract whereby the Association shall be liable, directly or indirectly, in an amount in excess of the Association’s current assets less any outstanding obligations.