Instruments 2005-256417 # 24 Book: 5654 Page: 35
14.01 The Board ofdirectors may adopt Rules and Regulations for the operation and use ofthe Venetian Bay Property at any meeting ofthe Board ofDirectors. Copies ofany Rules and Regulations promulgated,amended or rescinded shall be mailed to all Owners attheir last known address as shown on the books and records of the Association and shall not take effect until forty-eight(48)hours after such mailing.
ARTICLE XV
COMMITTEES
15.01 The Board shall appoint the committees hereinafter named and such other committees as it deems appropriate to carry outits purposes.Committees shall consist ofnot less than three (3), nor more than nine (9) members and shall serve at the pleasure of the Board unless otherwise specified in the Declaration or these By-Laws.
15.02 Design Review Committee
The duties ofthis committee shall be as defined in the Declaration and include regulating the external design, appearance, location and maintenance of the property and of the improvementsthereon and regulating uses ofproperty as permitted in the Declaration. Declarantshall appoint three(3)persons to serve as the initial Design Review Committee ofthe Association.Persons appointed to the Design Review Committee by Declarant need not be Members of the Association; however, when the directors are elected by the Lot Owners other than Declarant,members ofthe committee shall be Lot Owners.Subsequentto the election ofthe Directors by the Lot Owners other than Declarant, the Design Review Committee shall be appointed for the terms provided in the Declaration,from the Lot Owners and shall be composed of a chairman, who need not be a Director, and four(4)other members. A quorum for action shall be a majority ofthe members ofthe committee.
15.03 Budget Committee
The duties of this committee shall be as defined in these By-Laws and include establishing and maintaining the accounting policies and procedures of the Association, reviewing the financial
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