And other valuable effects in the name of the council

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and other valuable effects in the name of the Council or the management agent in such depositories as may from time to time be designated by the Board of Directors. The Treasurer shall be bonded under a fidelity bond in such amounts as may be detelmined by the Board of Directors in accordance with Attic1e VII, Section 2(c), of these Bylaws. The duties of the Treasurer may be delegated to the management agent. In such case, the duties shall be performed by the management agent under the supervision ofthe Treasurer. Section 8. Agreements, Contracts, Deeds, Leases, Checks, Etc. (a) All agreements, contracts, deeds, leases, and other instruments ofthe Counpil for expenditures or obligations executed in emergency situations or in the amount of $1 ,000.00 or less, so long as such expenditure is provided for in the Council's budget, may be executed by the Council's managing agent. (b) Unless otherwise provided by the Board of Directors, all agreements, contracts, deeds, leases and other instruments ofthe Council must be executed by two (2) members of the Board of Directors, one of whom must be either the President or the Treasurer. (c) The Board of Directors shall establish operating accounts at its discretion. Unless othelwise determined by the Board, any withdrawal of funds or issuance of checks fi-om any operating account of the Council which exceeds $1,000.00 shall require the written approval or signatures of two (2) individuals, which may consist of (a) a managing agent and a Board member or (b) two (2) Board members. (d) The Board of Directors shall establish a reserve account. Any withdrawal of funds or issuance of checks fi-om the reserve account of the Council shall require the written approval or signatures of two (2) Board members, one (I) of whom must be either the President or the Treasurer. Section 9. Compensation for Officers. The Officers shall serve as such without compensation. Notwithstanding the foregoing, officers may be reimbursed for reasonable expenses incnrred on behalf of the Conncil as shall be determined by the Board of Directors. Article V Opcntion of the Property and Assessments Section 1. Purpose of Assessment. The assessments for common expenses provided for herein shall be used for the general purposes of promoting the recreation, health, safety, welfare, 16
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lIBER ~ 8 6 ~ FOLIO 0 56G common benefit, and enjoyment of the Unit Owners and occupants of units in the Condominium as may be more specifically authorized from time to time by the Board. The payment of assessments is for the mutual benefit and protection of all members of the Council and may not be legally withheld by an Unit Owner because of the Council's failure to perform services, nonuse of common areas or any other reason. No diminution or abatement of common expense assessments, as herein elsewhere provided, shall be claimed or allowed for inconvenience or discomfOlt arising from the making of repairs or improvements to the common elements or from any action taken by the Council to comply with any law, ordinance or with the order or directive of any municipal or other govenunental authority.
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