Page 8 - Kings Point Property Owners Association - 2012 By-Laws

aCCO\Ultant at the completion of each fiscal year, and shall prepare an annual budget and a
statement· of income and expenditures to be represented to the membership at its regular annual
meeting, and deliver a copy of each to the members.

ARTICLEIX .

COMPENSATION

Except as permitted below, a director, officer, member, or owner is not entitled to receive
financial or monetary profit from the operation of the Association, and no funds or assets of the
Association may be paid as salary or compensation to a director, officer, member, or resident.
Notwithstanding the above:

(a) Reasonable compensation may be paid to a director, officer, member, or resident for
services rendered to the Association in other capacities.

(b) A director, officer, member, or resident may, from time to time, be reimbursed for his
or her actual and reasonable expenses incurred on behalf of the Association in connection with
the administration of the affairs of the Association, provided the expense has been approved by
the Board.

(c) The Board of Directors may budget and use Association funds to purchase awards,
certificates, a celebratory meal, or other customary tokens or of appreciation for vol\Ulteer
activities.

If a contract or transaction is fair to the Association, it is not disallowed merely because
an officer, director, or member of the Association has a financial interest in the transaction,
provided (I) the "interested" officer, director, or member fully and accurately discloses the
nature of his or her interest to the board in a manner that is timely for the board's consideration of
the contract or transaction, and (2) the "interested" officer or director does not participate in the
vote to approve the contract or transaction, although the "interested" director may be counted
toward a quorum at the meeting.

Nothing in this section may be construed to prevent the Board of Directors from adopting
policies and procedures that are more stringent than the requirements of this Article or of
applicable law.

ARTICLE X

COMMITTEES

The Association shall appoint a Nominating Committee, as provided in these By-laws. In
addition, the Board of Directors shall appoint an Architectural Committee and other committees
as deemed appropriate in carrying out its purpose.

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