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Bylaws of Warren Avenue Four Owners' Association Page 5 Removal Section 3.04. The Board may remove a Director and declare vacant the office of a Director on the occurrence of any of the following events: (1) The Director is declared of unsound mind by a final order of the court; (2) The Director is convicted of a felony. Provided, however, if another person is also an Owner of the Lot of the removed Director and that person is qualified to serve on the Board, then said person shall automatically be deemed a replacement Director. Vacancies Section 3.05. Any vacancy on the Board caused by the death, removal or resignation of a Director shall be filled by the other Owner or Owners of the Lot of the resigning, removed or deceased Director as soon as possible. The Board shall have no authority to fill a vacancy on the Board created by the removal of a Director. Compensation Section 3.06. No Director shall receive any compensation for any service he or she may render to the Association. Powers and Duties Section 3.07. The Board's powers and duties shall include, but shall not be limited to, the following: (a) Enforcing the applicable provisions of the Declaration, the Articles, Bylaws, and any other instruments governing the ownership, management, and control of the Project. (b) Paying taxes and assessments that are, or could become, a lien on all or a portion of the Common Area, if any. (c) Contracting for casualty, liability, and other insurance on behalf of the Association. (d) Contracting for good and services for the Common Area (if any), facilities, and interests of the Association, subject to the limitations set forth in these Bylaws. (e) Preparing and periodically reviewing, updating and amending budgets and financial statements for the Association as prescribed in the Governing Instruments or by law. (f) Formulating Rules and Regulations for the use and operation of the Common Area, if any, and facilities owned or controlled by the Association.