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<br />BY-LAWS <br />OF <br />GOODMAN POINT WATER ASSOCIATION <br /> <br />Article I <br />Purpose and Nanle <br /> <br />The purpose, object and name for the Goodman Point Water Association (herein <br />referred to as "Association", are set forth in the Articles of Incorporation approved by the <br />voting membership on August 15,2006. <br /> <br />Article II <br />Management <br /> <br />Section 2.1 The management of this Association shall be vested in a Board of <br />Directors of three persons who possess the qualifications for voting membership in the <br />Association. <br />Section 2.2 The Board of Directors shall have and exercise all the powers <br />necessary to control the work and policy of this Association. No contract, debt, or <br />obligation shall be binding unless contracted under the authority of the Board of <br />Directors. <br />Section 2.3 The Board of Directors shall have the power to fill, for the unexpired <br />term, all vacancies occurring in their number between annual elections. <br />Section 2.4 The Board of Directors shall have the sole authority to make, adopt, <br />and set, the standards, policies, and regulations concerning the construction and operation <br />of the system and the delivery of water. <br />Section 2.5 The Association, through its Board of Directors, may hold or <br />dispose of such property, real or personal as may be given, devised, or bequeathed to it or <br />entrusted to its care and keeping, and may purchase, acquire, and dispose of such <br />property as may be necessary to carry out the purposes of the Association. <br />Section 2.6 The Board of Directors shall have the control and management of the <br />property of the Association, with power to borrow money for corporate purposes, and to <br />enter into binding contracts on behalf of the Association. <br />Section 2.7 The Board of Directors shall meet monthly at such time and place as <br />they shall determine. Two-thirds of the membership of the Board of Directors shall <br />constitute a quorum... Any member who misses three consecutive meetings may be <br />dropped as a Board Member, unless the Board approves such absences. <br />Section 2.8 Special Meetings of the Board of Directors may be called by the <br />President, or may be called upon the written request of a member in good standing. <br /> <br />1 <br />