The Directors shall have all of the powers and duties necessary to administer the Association. The Directors shall have the power to adopt any Rules and Regulations deemed necessary for the benefit and enjoyment of the Condominium; provided, however, that such Rules and Regulations shall not be in conflict with the Condominium Act, the Declaration or the Bylaws.

The Directors shall delegate to one of their members, or to a person employed for such purpose, the authority to act on behalf of the Directors on matters relating to the duties of the Manager. In addition to the duties imposed by the Bylaws or by any adopted resolution of the Association, the Directors shall on behalf of the Association:

Prepare an annual budget that establishes the assessments of each Owner for Common Expenses;

Make assessments against Owners to defray the costs and expenses of the Condominium;

Establish the means of collecting such assessments from the Owners;

Establish the period of the installment payment of the annual assessment for Common Expenses;

Provide for the operation, care, upkeep, maintenance and services of the Condominium;

Designate, hire, dismiss and compensate personnel to manage the Condominium;

Make and amend the Rules and Regulations;

Open bank accounts on behalf of the Association and designate the signatories thereon;

Make or contract for repairs and improvements of the Property;

Enforce the provisions of the Declaration, the Bylaws and the Rules and Regulations;

Obtain and carry insurance against casualties and liabilities, as provided in the Bylaws;

Pay the cost of all authorized services and purchases rendered to the Association;

Keep books with detailed accounts of the receipts and expenditures affecting the Property;

Notify an Eligible Mortgagee of any default by a Unit Owner in the event such default continues;

Borrow money with the consent of the majority of the Owners to operate the Condominium;

File all required governmental reports;

Insure compliance with the Condominium Act, the Declaration and the Bylaws.