Page 8 - Kings Point Property Owners Association - 2015 By-Laws

'l'reasrrer

(d) The Treasurer shall receive and deposit in appropriate bank accounts all funds of the
Association and shall disburse such funds as directecl by resolution of the Board of Directors;

shall sign all checks and promissory notes of the Association; shall keep proper books of

account; shall cause an annual audit of the association books to be made by a certified public
accountant at the completion of each fiscal year, and sl-rall prepare an annual budget and a
statement of income and expenditures to be represeuted to the membership at its regular annual
meeting, and deliver a copy of each to the mentbers.

ARTICLE IX

COMPI]NSA"I'ION

Except as permitted below, a director, ofllcer, nrember. or owner is not entitled to receive
financial or monetary profit fiorn the operalion of the Association, attd 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, oflf-tcer, ntember, 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 fbr volunteer

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 flnancial interest in the transaction.
provided (1) the "interested" officer, director. or metnber lully and accurately discloses the
nature of his or her interest to the board in a r.rranner that is timely fbr 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 aclopting

policies and procedures that are more stringent than the requiremetrts of this Article or of

applicable law.