Common use of Powers of Board of Directors Clause in Contracts

Powers of Board of Directors. The Directors of the Association may administer the affairs of the Association in all things and make or cause to be made for the Association, in its name any kind of contract, which the Association may lawfully enter into and, save as hereinafter provided, generally may exercise all such powers and do all such other acts and things as the Association is, by its charter or otherwise, authorized to exercise and do. The Directors shall not sell, mortgage, or otherwise encumber any real property of the Association without prior approval of the General Members by Resolution passed by at least two-thirds of the votes cast at a special meeting of which notice specifying the intention to pass such Resolution has been given.