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• discretion, may set aside from time to time those sums <br />it <br />�deems expedient as a reserve fund to.meet contingencies for <br />maintaining any property of the Association and for any <br />other purpose. � <br />� <br />2. The Board of Directors may fix, levy and collect <br />assessments in the manner and for the purposes specified in <br />the Protective Covenants and the Articles of Incorporation <br />and the members shall pay assessments as therein provided. <br />3. The monies of the Association shall be deposited in <br />the name of the Association in any bank or banks or trust <br />company or trust companies the Board of Directors shall <br />designate and may be drawn out only on checks signed in the <br />name of the Association by such person or persons as the <br />Board of Directors by appropriate resolution may direct. <br />Notes and commercial paper, when authorized by the Board, <br />shall be signed in the name of the Association by such <br />officer or officers or agent or agents as shall thereunto be <br />authorized from time to time. <br />4. The fiscal year of the Association shall be <br />determined by resolution of the Board of Directors. <br />ARTICLE VI <br />Waiver of Notice <br />Any member, officer or director may waive, in writing, <br />any notice required to be given by law or under these <br />By-Laws, whether before or after the time stated herein. <br />ARTICLE VII <br />Action Plithout a Meetinq <br />� Nothing in these By-Laws contained shall be construed <br />to prevent any action required to be taken or which might be <br />taken at a meeting of the directors or members of this <br />Association, to be taken without a meeting if a consent in <br />writing, setting forth the action so taken, shall be signed <br />by all of the directors or members entitled to vote with <br />respect to the subject matter thereof. <br />ARTICLE VIII <br />Amendments ` <br />These By-Laws may be altered, amended or repealed by <br />• the majority vote of the Board of Directors or at the annual <br />meeting of the members or at any special meeting of t�e <br />members called for that purpose only by sixty-seven percent <br />(67$) of the total number of votes of the members whether <br />present in person or represented by proxy. Provided however <br />Lazy O Bylaws 4/13/87 <br />.._ _._ r <br />