BOARD OF DIRECTOR'S POLICY STATEMENTS
Said statements are adopted by the Board of Director's to address items that are not covered in the Declaration or Bylaws, or where the Declaration or Bylaws are deemed to be insufficient. The Declaration and Bylaws continue to have precedence.
Proxy Voting
The Board notes that a proxy submitted by an owner to an individual member of the Board may be voted by that member in any way they see fit (subject to any instructions from the owner). A proxy submitted to "any board member" will be voted consistent with the position taken by the Board on that issue.
Reserve Amount
The Board notes that an amount of $500,000 is an appropriate reserve amount.
Recording Votes In Minutes
The Board notes that in preparing the minutes of a Board meeting, the secretary shall indicate how each Board member voted on any issue which receives a formal vote.