| Standing or temporary
committees may be appointed by the Board of Directors from time
to time and the Board of Directors may from time to time invest
such committees with such powers as it may see fit, subject to
such conditions as may be prescribed by such Board. An Executive
Committee may be appointed by resolution passed by a majority of
the full Board of Directors. It shall have and exercise all of
the authority of the Board of Directors, except in reference to
recommending amendment of the Articles of Incorporation, adopting
a plan of merger of consolidation, recommending the sale, lease
or exchange or other disposition of all or substantially all the
property and assets of the Association otherwise than the usual
and regular course of business, recommending a voluntary
dissolution or a revocation thereof, or amending the Bylaws. All
committees so appointed shall keep regular minutes of the
transactions of their meetings and shall cause them to be
recorded in books kept for that purpose in the office of the
Association. The designation of any such committee and the
delegation of authority thereto, shall not relieve the Board of
Directors, or any member thereof, of any responsibility imposed
by law. The Board shall establish, by duly enacted
resolution(s), procedures for notice, addressing, and security
required to provide for Board action through the computer
bulletin board system. |