7.01 Continued :
However, no such committee shall have the authority of the Board of Directors
in reference to amending, altering or repealing the bylaws; electing,
appointing or removing any member of any such committee or any Director or
officer of the Association; authorizing the sale., lease, exchange or mortgage
of all or substantially all of the property and assets of the Association;
authorizing the voluntary dissolution oŁ the Association or revoking
proceedings therefor; adopting a plan for the distribution of the assets of the
Association or amending, altering or repealing any resolution of the Board of
Directors which by its terms provides that it shall not be amended, altered or
repealed by such committee. The designation and appointment of any such
committee and the delegation thereto of authority shall not operate to relieve
the Board of Directors, or any individual Director, of any responsibility
imposed on it or him by law. Any non-director who becomes a member of such
committee shall have the same responsibility with respect to such committee as
a director who is a member thereof.
7.02: Qther Committees: Other
committees not having and exercising authority of the Board of Directors in the
management of the Association may be designated by a resolution adopted by a
majority of the Directors present at a meeting at which a quorum is present.
Except as otherwise provided in such resolution, members of each such committee
shall be members of the Association and may, but
need not be, directors, and
the President of the Association shall appoint the members thereof. Any members
thereof may be removed by the person or persons authorized to appoint the
members thereof. Any members thereof may be removed by the person or persons
authorized to appoint such member whenever in their judgment the best interest
of the Association shall be served by such removal.
7.03: Term of Office: Each
member of a committee shall continue as such until the next annual meeting of
the members of the
Association and until his successor
is appointed, unless the committee shall be sooner terminated, or unless such
member be removed fro~ such committee, or unless such member shall cease to
qualify as a member thereof.
7.04: Chairman
: One member of each committee shall be appointed
Chairman by the person or persons authorized to appoint the members thereof.
7.05: Vacancies: Vacancies
in the membership of any committee may be filled by appointments made in the
same manner as provided in the case of the original appointments.
7.06: Quorum: Unless otherwise provided in the resolution of the Board of
Directors designating a committee, a majority of the whole committee shall
constitute a quorum and the act of a majority of the members present at a
meeting at which a quorum is present shall be the act of the committee