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Bylaws of Warren Avenue Four Owners' Association <br />Page 4 <br />Directors has a material financial interest; <br />(c) Amending the Articles or Bylaws to repeal, restrict, create, or expand proxy rights; <br />(d) Amending the Articles after approval by the Board; <br />(e) Disposing of assets or approving merger terms; <br />(f) Electing to dissolve the Association. <br />Approval by Members Required by Statute <br />Section 2.10. Any approval by the Members of the following proposals, other than <br />unanimous approval by those entitled to vote, shall be valid only if the general nature of the <br />approved proposal was stated in the notice of meeting or any waiver of notice of meeting: <br />(a) Removing a director for cause; <br />(b) Entering into or approving a contract or transaction between the Association and one or <br />more of the Directors, or between the Association and any entity in which one or more of the <br />Directors has a material financial interest; <br />(c) Amending the Articles after approval by the Board; <br />(d) Electing to dissolve the Association. <br />ARTICLE III. BOARD OF DIRECTORS <br />Number <br />Section 3.01 The affairs of this Association shall be managed and its duties and <br />obligations performed by a Board of Directors, consisting of four persons provided, however, the <br />Board may consist of only three persons during temporary periods when a fourth Director is not <br />yet qualified or available. <br />Members to Also Serve as Directors <br />Section 3.02. Except as otherwise provided in these Bylaws, each Member of the <br />Association shall also serve as a Director for the Board of Directors of the Association. <br />Term <br />Section 3.03. Each Director shall hold office until the Director's death, resignation, <br />removal, or judicial adjudication of mental incompetence. <br />