Any right to indemnification provided for herein

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Any right to indemnification provided for herein shall not be exclusive of any other rights to which any officer or director, or fonner officer or director, may be entitled. The Council shall as a conunon expense maintain adequate general liability and officers' and directors' liability insurance and fidelity bond insurance to fund this obligation and the insurance shall be written as provided in Section 1 of Article VII. EvelY agreement, deed, lease, mortgage or other instlUment executed on the Council's behalf by any Director or Officer shall be deemed to provide that he or she shall have no personal liability thereunder by virtue of such execution, and that any claim by any other party thereto mising hereunder shall be asserted against, and any liability thereunder shall be borne by, the Council. Any damages or expenses awarded against or incurred by the Council and mising out of such liability shall be paid by the Council as part of the Common Expenses. Section 21. Common or Interested Directors. The Directors shall exercise their powers and duties in good faith and with a view to the interest of the Council and the Condominium project. No contract or other transaction between the Council and one (1) or more of its directors, or between the Council and any association, or film or corporation in which one (1) or more of the directors of this Council are directors or officers or are pecuniarily or otherwise interested, is either void or voidable because such director or directors are present at the meeting of the Board of Directors or any committee thereof which authOlizes or approves the contract or transaction, or because hislheror their votes are counted for such purpose, ifany of the conditions specified in any ofthe following subparagraphs exist: (a) The fact of the conunon directorate or interest is disclosed or known to the Board of Directors or a majority thereof or noted in the minutes, and the Board authorizes, approves, or ratifies such contract or transaction in good faith by a vote sufficient for the purpose; or (b) The contract or transaction is conunercially reasonable to the Council at the time it is authorized, ratified, approved or executed. Common or interested directors may be counted in detennining the presence of a quorum of any meeting of the Board of Directors or conunittee thereofwhich authOlizes, approves or ratifies any contract or transaction, and may vote thereafter to authorize any contract or transaction with like force and effect as if he were not such director or officer of such other association or not so interested. 14
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1I0[R 4 8 6 I} FOLIO 0 5 6 U Article IV Officers Section 1. Designation. The pIincipal officers of the Council shall be the President, Vice President, Secretary, and Treasurer, all of whom shall be members of and shall be elected by the Board of Directors. The Board ofDil'ectors may appoint Board or non-Board members to the offices of Assistant Treasurer, Assistant Secretaty, and such other subordinate officers as in its judgment may be necessaty. No person may hold more than one office.
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