Action by Communications Equipment

3.12 Action of Directors by Communications Equipment:
Any action required or which may be taken at a meeting of Directors, or of a committee thereof, may be taken by means of a conference telephone or similar communications equipment by which all persons participating in the meeting can receive communications from each other at the same time. In particular, votes or comments of Designated Representatives, Directors, and Advisors may be received by posting on the Association's computer bulletin board system directed to the attention of the appropriate recipient(s) for at least seventy-two (72) hours prior to final action, which 72 hours shall include all forty-eight (48) hours of a Saturday and Sunday.

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