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Section 2. Appointment of Officers. The officers of the Association shall be appointed annually by the Board of Directors at the organization meeting of each new Board and shall hold office at the pleasure of the Board. Section 3. Removal of Officers. Upon an affirmative vote of a majority of the members of the Board of Directors, any officer may be removed, either with or without cause, and his or her successor appointed at any regular meeting of the Board of Directors, or at any special meeting· of the Board called for such purpose. Section 4. President. The President shall be the chief executive officer of the Association. He or she shall preside at all meetings of the Association and of the Board of Directors. The President shall have all of the general powers and duties which are usually vested in the office of president of a corporation, including but not limited to the power to appoint committees from among the Owners from time to time as he or she may, in his or her discretion, decide is appropriate to assist in the conduct of the affairs of the Association. Section 5. Vice President. The Vice President shall take the place of the President and perform the President's duties whenever the President shall be absent or unable to act. If neither the President nor the Vice President is able to act, the Board of Directors shall appoint some other member of the Board to so do on an interim basis. The Vice President shall also perform such other duties as shall from time to time be imposed upon him or her by the Board of Directors. Section 6. Secretary .. The Secretary shall keep the minutes· of all meetings of the Board of Directors and the minutes of all meetings of the Association, shall have charge of such books and papers as the Board of Directors may direct, and shall, in general, perform all the duties incident to the office of Secretary. Section 7. Treasurer. The Treasurer shall have the responsibility for Association funds and securities and shall be responsible for keeping full and accurate accounts of all receipts and disbursements in books belonging o the Association. The Treasurer shall be responsible for preparing and delivering the financial statements required by the Declaration. He or she shall be responsible for the deposit of all monies and other valuable effects in the name, and to the credit, of the Association in such depositories as may from time to time be designated by the Board of Directors. The office of Secretary and Treasurer may be held by the same person. ARTICLE VII OBLIGATIONS OF THE OWNERS Section 1. Assessments. All Owners shall pay annual assessments imposed by the Association, as well as any assessments levied for any other purpose required or authorized under the Declaration. The assessments shall be levied as set forth in the Declaration. Assessments shall include periodic payments to a reserve fund for Common Areas elements that must be repaired or replaced on a periodic basis. 10