BYLAWS OF IVANHOE-WATERFORD HOMEOWNER'S ASSOCIATION, INC.

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ARTICLE VI - OFFICERS

A. EXECUTIVE OFFICERS. The executive officers of the Association shall be a President, who shall be a director, a Vice President, who shall be a director, a Treasurer, a Secretary and an Assistant Secretary, all of whom shall be elected annually by the Board of Directors and who may be peremptorily removed by vote of the directors at any meeting. Any person may hold two or more offices except that the President shall not be also the Secretary or an Assistant Secretary. The Board of Directors from time to time shall elect such other officers and designate their powers and duties as the Board of Directors shall find to be required to manage the affairs of the Association.

B. PRESIDENT. The President shall be the chief executive officer of the association. He shall have all of the powers and duties usually vested in the office of the President of an association, including but not limited to the power to appoint committees from among the Members from time to time, as he, in his discretion, may determine appropriate to assist in the conduct of the affairs of the Association.

C. VICE PRESIDENT. The Vice President, in the absence or disability of the President, shall exercise the powers and perform the duties of the President. He also shall assist the President generally and exercise such other powers and perform such other duties as shall be prescribed by the Directors.

D. SECRETARY. The Secretary shall keep the minutes of all proceedings of the Directors and the Members. He shall attend to the giving and serving of all notices to the Members and directors and other notices required by law. He shall have custody of the seal of the Association and affix it to instruments requiring a seal when duly signed. He shall keep records of the Association, except those of the Treasurer, and shall perform all other duties incident to the office of secretary of an Association and as may be required by the directors or the president. The Assistant secretary shall perform the duties of the secretary when the Secretary is absent.

E. TREASURER. The Treasurer shall have custody of all property of the Association, including funds, securities and evidence of indebtedness. He shall keep the books of the Association in accordance with good accounting practices; and he shall perform all other duties incident to the office of Treasurer.

F. COMPENSATION. The compensation of all officers and employees of the Association shall be fixed by the Board of Directors. The provision that directors' fees shall be determined by Members shall not preclude the Board of Directors from employing a director as an employee of the Association nor preclude the contracting with a director for the management of the Association.

G. MANAGER. No owner shall be employed as a manager of the Association or any of his assistants.

Articles I and II - Purpose and Powers - Definitions
Article III - Membership and Voting
Article IV - Members Meetings
Article V - Directors
Article VI - Officers
Articles VII and VIII - Finances & Assessments and Amendments

NOTE: Upon "closing," each new owner should have received a document called "DECLARATION OF COVENANTS OF WATERFORD SUBDIVISION." This scanned and typed copy of selected sections of the Covenants is not meant to replace that document, or the BY-LAWS, which govern the Association election process. It is provided here simply as a convenient reference for "Frequently Asked Questions" regarding typical homeowner issues. This is not a legal document, and neither the Association nor the editor bear any liability for errors. If you do not find the information you seek, you are urged to contact one of your Association Board members, or consult your own hard copy.

www.ivanhoe-waterford.com © 1997 Pete LaMoia