Section 1. Loans. No loans shall be contracted by or on behalf of the corporation, and no evidence of indebtedness shall be issued in its name unless authorized by an affirmative vote of the membership. That authority shall be confined to specific instances. No loans shall be nude by the corporation to members, officers or directors of this corporation.
Section 2. Moneys and Checks, Etc. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by at least two persons who are officers or directors of the corporation as designated from time to time by resolution of the board of directors. All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in the banks, trust companies or other depositories as the board of directors may select. The funds of the corporation shall not be commingled with the funds of any other corporation or with the funds of any manager or other person responsible for custody of such funds. Reserve funds of the corporation shall be kept in a segregated account.
Section 3. Informal Action by Holders of Memberships or Directors. Any action required to be taken at a meeting of the membership or directors or any other action which may be taken at a meeting of the membership or director may be taken without. meeting if a consent in writing setting forth the action to be taken shall be signed by holders of all the memberships or directors entitled to vote with respect to the subject matter thereof.
Section 4. Waiver of Notice. Whenever any notice is required to be given to the holder of any membership or to any director of the corporation under the provisions of the Bylaws, Articles or law, a waiver thereof in writing, signed by the person or persons entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of notice.
Section 5. Rules. Subject to limitations contained in the Declaration, rules governing the use of the Condominium may be adopted, changed, amended and repealed and replaced by the directors. When so adopted and communicated to the unit owners, such rules shall be complied with and may be enforced by this corporation by legal action as provided by law. Communication of a rule shall be complete upon all of the owners of a unit when a copy of the rule is either mailed or hand-delivered to the address to which notice of membership meetings is required to be given. Any part or all of any rule may be amended, altered, changed, repealed or replaced at any membership meeting called for that purpose.
Section 6. Amendments. Subject to the provisions of the Declaration requiring consent of mortgagees in certain instances, these Bylaws may be altered, amended, or repealed and new bylaws may be adopted by the affirmative vote of the membership at any meeting of the membership called for that purpose. Notice of a meeting to amend the Bylaws shall state the general nature of the proposed amendment to the Bylaws. No amendment to the Bylaws shall be adopted unless it is first read at two consecutive meetings of the membership and if reduced to writing before the first meeting at which the proposed amendment is read.
The foregoing was adopted as the Bylaws of the corporation at the first meeting of directors held on May 20, 2000.