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• � . <br />Incorporation. In addition, special meetings of the Board <br />of Directors may be held at any time that all directors are -, <br />� presgnt in person; the presence of,any director at a meeting <br />shall constitute waiver of notice of the meeting except as ' <br />otherwise provided by law. Unless specifically required by . <br />law, the Articles of Incorporation or these By-Laws, neither <br />the business to be transacted at nor the purpose of, any <br />meeting of the Board of Directors need to specified in the <br />notice of waiver or notice of the meeting. <br />ARTICLE IV <br />Officers <br />1. The officers of the Association shall be a <br />President, a Secretary and a Treasurer, who sha11 be elected <br />by and from the Board of Directors at its first meeting <br />after the annual meeting of inembers. The President shall <br />serve as Chairman of the Board of Directors. The Board of <br />Directors may elect other officers as may be determined by <br />the Board. <br />2. The officers of the Association shall respectively <br />exercise and perform the respective powers, duties and ` <br />• functions as are stated in the Articles of Incorporation and � <br />as may be assigned to them by the Board of Directors. <br />3. No officers of the Association shall receive <br />salaries or other compensation for their serving as <br />officers. This shall not preclude a person who is an <br />officer from being compensated for other valuable services <br />rendered to the Association if such is approved and ordered <br />by the Board of Directors. Officers and/or directors may be <br />reimbursed for reasonable out-of-pocket expenses'incurred on <br />behalf of the Association. <br />• <br />4. In_the event of absence or inability of any officer <br />to act, the Board of Directors may delegate the powers or <br />duties of the officer to any other officer, director or <br />person whom it may select. <br />5. Any officer or agent may be removed by the Board of <br />Directors, at a meeting called for that purpose, whenever in <br />its judgment the best interest of the Association will be <br />served thereby. The removal shall be without prejudice to <br />�he contract rights, i� any, of the person so removed. <br />Appointment of an officer or agent shall not, of itself, <br />create contract rights. <br />ARTICLE V <br />Finance <br />1. The Board of Directors, in its uncontrolled <br />Lazy O Bylaws 4/13/87 <br />