Coach 2013 Annual Report Download - page 283

(ii) “Majority Board Vote” means, with respect to a vote of the Board of Managers: (A) if all members of the Board
of Managers are then Board Members in Good Standing, the affirmative vote of members of the Board of Managers whose Designators have or
represent, in the aggregate, more than 50% of Common Interests, or (B) if any member of the Board of Managers is not then a Board Member in Good
Standing, the affirmative vote of Board Members in Good Standing whose Designators have or represent, in the aggregate, Common Interests that are
greater than the product of (x) 50%, and (y) a fraction, the numerator of which is the aggregate Common Interests held or represented by the
Designators that have designated the members of the Board of Managers that are then Board Members in Good Standing, and the denominator of
which is 100%. By way of illustration only (and without constituting a substantive provision of these By-Laws), if one (and only one) member of the
Board of Managers (whose Designator’s Common Interest is 20%) is not a Board Member in Good Standing, then a vote, to constitute a Majority
Board Vote, shall require the affirmative vote of Board Members in Good Standing whose Designators have or represent, in the aggregate, more than
40% in Common Interests (i.e. more than 50% multiplied by 80% divided by 100%).
Section 2.2 Powers and Duties.
2.2.1 General. The Board of Managers, for the benefit of the Unit Owners, shall have, to the extent not inconsistent with any specific
provision of the Declaration or these By-Laws, the powers and duties granted to it by the Declaration, these By-Laws and the Condominium Act, and those
necessary for or incidental to the administration of the affairs of, and operation of, the Condominium, including, without limitation, the following:
(a) (i) the operation, care, upkeep and maintenance (collectively, “ Maintenance”) of; (ii) the making of alterations, additions
and improvements (collectively, “Alterations”) to; and (iii) the making of repairs, restorations and replacements (collectively, “ Repairs”) of, the General
Common Elements, and the making of any structural, capital or extraordinary Repairs or Alterations to the Exclusive Use Common Elements (including,
without limitation, all Maintenance, Repairs and Alterations of the surface and membrane of the Setback Roofs located on Levels 19, 32 and 47, as shown on
the Floor Plans, and the repair of any leaks thereto or therefrom, and any facades thereof);
(b) determination and imposition of Common Charges (as hereinafter defined), preparation and adoption of budgets as
hereinafter provided, and determination and imposition of special assessments (“ Condominium Special Assessments”);
(c) determination of methods of, and procedures with respect to, collection of Common Charges and Condominium Special
Assessments from the Unit Owners, and the implementation of such methods and procedures;
(d) employment and dismissal of the personnel, if any, necessary for the Maintenance and operation of the Common
Elements;
(e) promulgation (and amendment) of reasonable Rules and Regulations from time to time, including, without limitation,
hours and use of the General Common Lobby, the ADA Lobby Elevator, and the GCE Service Elevator, subject to the provisions of Article 19 hereof.
(f) in the name of the Board of Managers or its designee, on behalf of all Unit Owners: (i) acquiring those Units that are
surrendered to the Board of Managers (to the extent the waiver contained in the Condominium Documents with respect to the right to surrender is inapplicable
or unenforceable); (ii) purchasing or otherwise acquiring those Units with respect to which liens for real estate taxes may be and are being sold in accordance
with the Condominium Documents; and (iii) purchasing or otherwise acquiring Units at foreclosure or other similar sales;
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