TEL3 By-Laws (7 of 10)
Notwithstanding the foregoing provisions, the Board may name and appoint a reputable firm or entity to perform the work of the Treasurer of the Corporation under such terms and conditions as the Board may determine. in which case the appointment of a person as Treasurer of the Corporation may be dispensed with by the Board.
Section 6. The Superintendent or Administrator. The Board may appoint a Superintendent or Administrator for the Project if the activities and financial condition of the Corporation so warrant. If one is appointed, he shall be the principal administrative officer of the Corporation. He shall attend to routinary and day-to-day business affairs and activities of the Corporation and shall keep regular office hours for the purpose. He shall have such other duties and powers as may conferred upon him by the Board or delegated by the President of the Corporation.
In the discretion of the Board, the work and duties of the Superintendent or Administrator may be entrusted to a legal entity that is qualified and competent to perform such work.
Section 7. The Auditor. The members may, at a general or special meeting, name and appoint an independent auditor to audit the books of account and financial records of the Corporation.
Section 8. Compensation. The compensation of all officers, including the President and Vice-President. and employees of the Corporation shall be fixed by the Board. The provision elsewhere that the directors' compensation shall be determined by the members does not preclude the Board from hiring a director as employee or entering into contracts with him.
ARTICLE V
ASSESSMENTS
Section 1. Regular Assessments for Operating Expenses. The Board shall, from time to time, and at least annually, prepare an estimate of the operating expenses of the Corporation and assess against each member, in proportion to such member's appurtenant proprietary interest or participation in the Corporation, such amounts as shall be necessary to meet such operating expenses.
Such operating expenses shall include, but shall not be limited to. the following, to wit :
a) The cost of insurance policies insuring the entire Project against loss by fire and other casualty risks to its full replacement value, and the Corporation against liability, workmen's compensation and other risks to the extent deemed necessary by the Board;
b) The cost of maintenance and ordinary repairs and of utilities and other services benefiting the common areas of the Project;
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