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<br /> <br />-. <br /> <br />. <br /> <br />2. The corporate seal shall be in a circular form and <br />shall have inscribed thereon the name of the Association and <br />the word "Colorado" in the ci.rcle and the word "Seal" in the <br />middle. If and when so directed by the Board a duplicate <br />seal may be kept and used by such officer or other person as <br />the Board shall name. <br /> <br />ARTICr.E IX <br /> <br />Miscellaneous <br /> <br />1. Contracts. The Board may authorize any officer or <br />agent of the Association to enter into any contract or <br />execute and deliver any instrument in the name of the Associa- <br />tion, except as otherwise specifically required by the <br />Articles of Incorporation or these By-Laws. <br /> <br />2. AUditinq. At the closing of each fiscal year, the <br />books and records of the Association shall be audited by a <br />Certified Public Accountant, whose report will be prepared <br />and certified. Based on such reports the Association shall <br />have available for inspection by its members a statement of <br />the income and disbursements of the Association for each <br />fiscal year. <br /> <br />3. Inspection of Books. Financial reports, such as <br />are required to be furnished, and the membership records of <br />the Association shall be available at the principal offices <br />of the Association for inspection at reasonable times by any <br />members. <br /> <br />4. Execution of Association Documents. With the <br />prior authorization of the Board, all notes, checks and <br />contracts or other obligations shall be executed on behalf <br />of the Association by any two officers of the Association. <br /> <br />5. Fiscal Year. The fLscal year of the Association <br />shall be determined by the Board and shall be subject to <br />change by the Board should Association practice subsequently <br />necessitate such change. <br /> <br />6. -Budqet. At each annual meeting of the members of <br />the Association, the Board or the Managing Agent shall <br />present for approval thereby a proposed budget for the <br />operation of the subdivision during the forthcoming year. <br />Said budget shall include suc>> items of expense as shall be <br />determined from time to time by the Board. <br /> <br />7. Notices. All notices, demands or other notices <br />intended to be served upon the Association, its Board or <br />Managing Agent, whether pursuont to the protective covenants <br />or not, shall be sent by registered or certified mail to its <br />resident agent at the registered office designated from time <br />to time with the Secretary of State. <br /> <br />- 8 - <br />