ByLAws Bt; t t t t , - - I$pAot gt \

OF

WTNTERS CHASE ?N,OPERTY OWNERS ASSOCIATION' INC.

A NON.STOCK MEMBERSHIP CORPORATION(oRGANIZED FOR NON-PROFIT PUR'POSES)

ARTICLE I . OFFICE

SECTION t.0t. Pf incir?rt Off lcc. Thc principrl of f icc of ' thc

corpor l t ion rhr l l bc in 2661 R, ivr nord, Sui tc {20, Annrpol i r , Mrryl rnd 2140t.

sEcTtoN !"02. orher off iFcr. Thc corporrt ion mty rlro hrvc rn

off ico or of f iccr in rrctt ortrcr prl ic or plrccr l3 thc burinc$ of the

Corporr t ion mry rcquirc rnd thc Borrd of Dircctor l mry f rom t imc to t imc

rgpoint .

ARTTCLE t t . PURPOSE OF THE CORPORATION

To inlurc rnd cnhrncc the propcrty owncrt of lVintcr'r Chrsccnlryncnt rnd u3c of r l l Common rnd Rccrcl t ion Arces rnd rppurtcnlnccSrtrcr i to r t providcd undcr thc Declrrr t ion of Covcntnl t , Condi t ionr lnd

Rcrtr ict ionr for Winter'3 Chttc.

ARTICLE IIT . MEMBERS

SECTTON t.Ol. ldcnrirv of Mcmbcrs. Evcry pcrton or cntity who ir

I rccord o*nir of r fcc or unOi"iCcO ru intcrgt in rny Lot which ir subjcct

to thc Dcclrr l t ionf rnd rny rmcndmcnt thcrcto, includinj contr lct - tc l lcr l . rhr l l

bc I mcmbcr of thc Argocirt ion, Thc forcaoinj ir not intcndcd to includcpcrronr or cntit icr who hold rn intcrcrt mcrcly tt I rccurity for thcpctformlncc of ln obtigrt ion. No owncr rhrl l havc morc lhsn onc

mcmbc6hip. Mcmbc6hip itrrtt bc rppurtcnrnt to rnd mry aot bG 3cplrl tcdf rom owncrrhip of tny Lot which ir subjcct to l t tc$mcnt by thc

Arrocirt ion. Olncrthip of ruch Lot rhrlt bc thc rolc gurl i f icrt ion for

mcmbcrrhiP.

SECTTON 3.02. AnnuqlMccr inc. The rnnur l mcct in j of thc mcmbcrl

of thc Corporrt ion rhrl l bG hcld ;; I O.y duly doi3nltcd by l lc Borrd of

Dirccrorr in Siprc.U.t i f not I lc jo l hol idey, tnd i f r lc j r l hol idry thcr thc

ncrt ruccccdioi cry nor r lcarl hJtidry, for thc purporc of clcctin3 dircctort

lo tuccccd thorc yhorc tcrms r t r t l hrve crpired rs of thc drte of ruch ennur l

mcct in l , tnd for thc t r rnssct ion of ruch othcr corporr tc bur inc3t l t may comc

bcforc thc mcctinj.

SECTION 3.03. Snccir l Mcetinor. Spccir l mcctin3r of lhc mcnbcr3

mty bc crl lcd lt rny t imc for rny gwpos3 ot purpot3l by thc Cl"irmrn of thc

Botrd. thc Prcr idcnt, by I Vicc -Picr idcnr"

or by I mrjor i ty of thc Board of

,/

nt i r r r - - l0ram I2! f

DlrccrorL rod rhrll bc crllcd forthwith by thc Chrlrmrn of thc Eolrd, thcPrcrldcnt. by I Ylcc Prcrldcnt. thc Sccrc[ry ot rny dlrcctor of thcCorportt lon upoa lhc ?cqucrt in writ inj of I mriorlty of r l l thc nembcncntlt lcd to votc on thc burlncg to bc trrnrrctcd rt tuch . mcctinS. Suchlurlncn tnnnctcd rt rt l rpccir l ncctinlr of ncmbcn thrl l bc confincd lothc purporc or purpotct rtrtcd In thc nolice of thc mcctln;.

SECTION J.Oa. Plrqc of Holdlqt Mctt inm All mcctinjr of ncmbcrrrhrl l bc hcld rt thc princlprt off icc of thc Corpontion or clrcwhcrs in thcUnitcd Str tcr r r dcr i3nrtcd by thc Borrd of Dircclort .

SECTTON 3.0t. Noli lc. of Mfcl intr. lVrittcn noticc of crch mcctiniof thc arcmbcrt rhrl l bG nri lcd, portrtc prcprid by thc Sccrctrry, to crchmcmbcr of rccord cnii t lcd to votc rt thir port off icc rddrcu. l t i t rppcrttupon thc bookr of thc Corporrt ion, rt tcrtt tcn (10) dryr bcfore thcnccr in; . Erch ruch not icc rhr l l r l l tc thc pl tcc, dry. rnd hour r t which thcmcct in; l r to bc hcld rnd. in thc c l rc of rny rpccir l mcct in j , rhr l l s t r tcbricf ly thc purpotc or purporct thcrcof.

SECTION 3.06. Ouoru rn. The prcrcncc in pcrion or by prory of Inr jgr i ty of thc mcmbcrl of thc Corporr t ion rhr l l conrt i tutc I quorum rt r l lmcctinjr of thc mcmbcrr crccpt u othcrwilc providcd by lrw, by thc Articlcrof tncorpont ioo or by lhcrc By-Lrwr. l f lcrr thrn . quorum rhr l l bc inr t tcndeacc r t thc t imc for which thc mcct in3 rhr l l hrvc bccn cr l lcd, thcrncctinf mry bc tdjourncd from timc to t imc by I mtjority volc of thcmcdbcrr prc$nt or rcprc3cntcdr without rny noticc othcr thrn bylnnounccmcnt r t thc mcct inS, unt i l I quorum rhr l l r t tcnd. At rny edjourncdmcct in l r t which I quorum rhr l l r t tcnd, l t ry bur incu mry bc t r rnrrc lcd whichmi jht hrvc bccn trrnnctcd i f thc mcct in j hrr bccn hcld rr or i j in l l ly cr l lcd.

SECTTON t.07. Conduct of Mcetintr. Mcctingr of mcmbcrr rhrl l bcprcridcd ovcr by thc Prcridcnt of thc Corporrt ion or, i f hc ir not prctcnt. byI Vicc Prcridcnl. or, i f nonc of nid off iccn ir prctcnt. by I chrirmrn to bcelcctcd rt thc tncctinl. Thc Sccrctrry of thc Corporetion, or i f hc ir notptcj3nt, lny Auirtrnt Sccrctery rhrt l rct l t rccrcttry of ruch mcctinjr; in thcrbrncc of thc Sccrcirry rnd rny Arrirtent Sccrctlry, thc prcridinS off iccrmry rppoiot I pcrton to rct rr Sccrctrry of thc mcctinS'

SECTION 3.0t. Ygtinr. At r l l mcctinlr of mcmbcrt Gvcry mcmbcrcnt i t lcd to votc thcrcrt rhr l l hrvc onc ( l ) votc. Such votc mry bc c i thcr ingcrron or by prory rppointcd by rn inrlrumcnt in writ ini rubrcribcd by ruchmcorbcr or hir duly rulhorizcd rttorncy, bclr in3 | drtc not lnorc thrn threc(!) noothr pr ior to uid mcet inf , unlcss nid inr l runcnt providcr for r lonjcrpcriod. Such prory rhrl l bc drtcd, but nccd not bc scrlcd, witncrscd orrcknowlcd3cd. At l c lcct ionr shr l l bc had rnd r l l quest ions rhr l l bc dccidcd byI mri l r i ty of thc votc l crr t r t r duly contt i tutcd mcct in3r Grccpt ts olhcrwiscprovidcd by l rw, in thc Art ic lcr of lncorporsl ion or by therc By.Lrwl.

l f the chr i rmln of thc mcct int rhr l l to dctcrmine, r votc by br l lotmry bc t rkcn upon rny c lcct ion or ml l tcr . rnd thc volG rhal l bc to t lkcn

\I(

a(

R:11( ' ' - I t l PA0t g:l l)

.rtt

II

It

Iii

upoo thc rcqucrt of tcn pcrccnt ( l0t) of r l l of thc mcmbcrr cntit lcd lo votcon tuch clccl lon or ml l tcr . tn c i thcr of ruch cycntt , thc pror icr rnd br l loBrhl l f bc rcccivcd rnd bG trkcn in chrr3c rnd r l l qugt ionr touching thcqur l i f icr t ion of yolcr t rnd thc vr l id i ty of pror icr rnd the rcccptrncc orrcjcctlon of yotcri rhrl l bc dccidcd by thc lcl lcrt. Such tcl lcrr rhrl l bcrppolntcd by thc chr l rmrn of r r id mect in3.

SECTTON t.09. Dlrtcton rr Mcmbcru. Thc Borrd of Dirccton ofthc Corporrt ion rhrl l bc thc mcmbcrt rndn whcn mcctinj t t Dircctorr mrycrcrcirc thc ri3hr rnd powcrf of mcmbcrr i f thc Chrrtcr or thcrc By.Lrwr donot providc (ot rncnbcn of thc Corporrt ion or in frct thc Corporrt ion hrraol mcmbcrr.

AITTICLE IV . BOARD OF DIRECTORS

sEcTloN{.0| '@.ThcpropGrtyrndbur incrrof thcCorporr t ion rhrt t bc mrnr jcd undcr thc dircct ion of the Borrd of Dircctorr ofthc Corporrt ion.

SECTION a.02. Number rnd Tcrrn of Qff igc. Thc numbcr ofdircctorr rhrl l bc thrcc (3) or ruch othcr numbcr, but not lcrr thrn thrcc (3)nor norc thrn tcvcn (7), u mry bc dcr i jnr tcd f rom t imc to t imc by rcrolut ionof I rnrlrr i ty of thc cntirc Borrd of Dircctorl. Dircctorr nccd not bcmcmbcre Thc dircctorr rhrl l rcrvc for r pcriod of onc (l) yc.r or unti l thcncrt .rnnurl mcctinl. At crch tnnurl mcctinl. thc ruccct3or dircctorr rhrl l bcclcctcd to hold of f icc for r tcrm of onc ( l ) ycrr , p lur thc cnt i rc borrd wi l l bcclcctcd tnnur l ly .

SECTION 4.0t" Nominethn rnd Elq$tion of Dircctorr. At lcrrtth i r ty ( t0) dryr pr ior to the $nnurt Mcct in i of thc mcmbcrr of rhcCorpontion, thc Nominrt in3 Committcc, rhrl l dccidc upon r r lrtc of dircctort,rnd rhell prcrcot ruch rlrtc to thc Boerd of Dircctorr of thc Corponlion nollcrr thrn lwcory (20) dryr pr ior to reid Annur l Mcct ing. And upon wri t tcnrcquc3t of rt lcrrt onc of thc mcrnbcrr of thc Corporlt ion, mrdc to r mcmbcrof thc Noninerin3 Committcc not lcrr thrn tcn (10) dayr prior ro rt id AnnurlMcctinj, dcri lnrt ing ln rddit ionrl r lrtc or r lrter of dircclorl, the Nominrt in3Comnirtcc rhrl l pri lcnt ruch rlrtc or r lrtcr to thc Borrd of Directorr of theCorporrt ion. lmmcdietcly thcrcrftcr, thc Sccrctrry rhrl l rpprirc thc membcruof thc Corporrt ion of nid drtc or t l t tct.

Thc Nominrt int Commit tcc shr l l thcrcl f ter prc3cnt thc rnid r latc orrhtcr of nominGGr to thc mcmbcrl of thc Corporr t ion for c lcct ion r t thcAnnurl l4cct in3.

SECTION 4.0{. Fi l l in l of Vscancig. In thc crrc of roy vrc lncy inthc Botrd of Dircctors throu3h dceth, rcr i3nrt ion, d i lqur l i f icet ion, rcmovt l orothcr c lu3c, thc rcmrinint d i rcctor l , by r f f i rmrt ivc volc of thc mrjor i tylhcrcof, mry c lcct I rucccssor to hold of f icc for thc uncxpircd port ion of thctcrm of thc dircctor whorc plrcc shr l l bc vrcant, lnd unt i l thc c lcct ion of h i r

*II{)III

II

I

Bror( - - l0PAoE 23ttucccfto?f or uatl l hc rhrl l bc rcmovcd. prlor thercto. by ln rff lrmrtivc votcof r nrjorlty of thc mcnrbcrr.

Slni l r r ly rnd in thc cvcnt of thc numbcr of d i rcctort bcin jincrcrrd rr provldcd ln thcrc By-Lrwr, thc rddit ionrl dircctotr ro providcdfor rhrl l bc ctcctcd by r nrNrrity of the cntirc Borrd of Dircctorr r lrcrdy inof f icc, rnd rhr l l hold of f icc unt i l thc ncrt rnnur l mcct in j of mcmbcn.

Any dircctor mry bc rcmovcd from off icc with cir without crure bythc rff irrnetivc votc of I rurjority of thc mcmbcrr cntit lcd to votc .t rnyrpccir l mcctinj of mcnbcrt rcjulrr ly crl lcd for thc purporc.

SECT|ON a.Ot. Plrcc of Mectinr. Thc Borrd of Dirccton mry holdthclr ncctlogr rnd hrvo onc or morc off iccr, rnd kccp thc bookr of thcCorporr t lon. c i thcr wi th in or our idc thc Str tc of Mrryhnd, r t ruch plrcc otplrccr t r thcy lnry f rom t imc to t imc dctcrminc by rcrolut ion or by wr i t tcnconrcnt of r l l thc dircctorr. Thc Borrd of Dircctorl mry hold thcir mcctinjrby confcrcncc tc lcphonc or othcr r imi l r r c lcctronic communicrt ionr cquipmcntin rccordrncc wi th thc provis ionr of thc Mrrylrnd Corporr t ion l rw.

SECTTON {.06" Rf rulrr Mect inrr . Rejulrr mcct in j r of thc Borrd ofDircctor l mry bc hcld wi thout not icc r l ruch t imc rnd plrcc r ! rhr l l f romtimc to t ime bc dctermincd by rc lo lut ion of thc Borrd, providcd thrt not iceof cvcry rcrolut ion of thc Borrd f ix in l or changin3 thc t imc or phcc for thchofding of rc jutrr mect in j r of the Borrd rhr l l bc mri lcd to crch dircctor r tlcrrt thrcc (3) dryr bcforc thc f irut mcctinS, hcld purtulnt thcrcto. Thcrnnur l mcct int of thc Borrd of Dircctorr rh l l l bc hcld immcdir tc ly fo l lowinjthc rnnurl mcctinj of mcmbcru rt which r Borrd of Dircctorr ir clcctcd. Anyburincrg mry bc tnnnctcd l l rny rc;,ulrr mcctint of thc Borrd.

SECTTON a.0?. Soccir l Mcetinu. Spccir l mcctin3r of thc Borrd ofDirccton rhrl l bG hcld whcncvcr called by rny mcmbcr of thc Borrd ofDircclorl Thc Sccrctrry rhell j ivc noticc of crch rpccir l nrcctin3 of thcBorrd of Dircctorr, by mri l in3 thc nmc rt lcrrt thrcc (3) dryr prior to thcncct in3 or by tc lcgrrphinj thc t rmc r t lcert tvo (2) dryr bcforc thc mcct ing.to c lch dircctor; but ruch not icc mry bc wr ivcd by roy dircctor" Unlcrothcrwirc indicr tcd in thc not icc thcrcof , rny rnd r l l bur incr mry bctnnuctcd r t rny rpccir l mcct in l r . At rny mcct int r t which cvcry dircctorrhrlt bG prctcnt, GvGn thou3h without noticc, rny burinerr mry bc trrnnctcdend rny dircctor mry in wr i t in! wr ivc not icc of thc t imc, plrcc rnd objcct ivcrof rny rpccir l mcctinl.

SECTION {.0t . Ouorum. A mrjor i ty of rhc wholc numbcr ofdircctorr rhet l conrt i tutc l quorum for thc t r rnrrct ion of bur incsr r t r l lmcct in l r of thc Bolrd of Dircclorr , but , i f roy mcet in j lcrr than l quorumrhl l l bc prcrcntr I mt i r r i ty of thosc prc3cnt mry rdjourn thc mcct in3 f romtimc to l imc, rnd thc rct of I mrjor i ty of thc dircctor i prctcnt r t rnymcct in3 r t which thcrc i r r quorum rhel l bc thc rct of thc Borrd ofDircctorfr crccpt l t mry bc othcrwisc spcci f icr l ly provided by l rw or by theArt lc lcr of lncorporr t ion or by thcre By-Lrws.

\t\tIi

Bilt[ - - I 0pacr

SECTION {.09. l tcoutrc4_Vqli. An rff irmrrivc votc of I mrJoriryof thorc p?Gtcnt rhrl l bc occcurry foi rhc prtntc of rny rcrotul lon.

SECTTON {.10. Fornncrtrrt inn qf Dlrccrorl. Dirccio?r rhrl l notrccc|vcrnyrt l tcgr l l r ryforthcirrc l f f iutcrchdircctorrhr | |bGcntit lcd to rccclvc f rom_ thc Corporrt ion rcimburlcmcnt of ths Grpcnrcrincurrcd by hin in r t tcndinj-rny rc ju l r r or rpccir l mcct in; of rhc Borrd, lnd,by rcrclution of thc Borrd of Dircctorl, r f i icd rurn mry rtro bc rlowcd forr t lcndtacc r l crch rc ju l r r or rpccir l mcct in l of r i rc Borrd rnd ruchrcimburrcmcnt rnd compcntr t ion rhr l l bc pryrblc whcthcr or not I mcct ing i rrd jnurncd bccrurc of thc rbrcncc of r quorum. NothinS hcrcin contr incd rhr l lbG conrtrucd to prccludc .ny dircctor f rom rcrving nc Corporr t ion in rnyothcr crprci ty rnd rccciv in j compcnsrt ion rhcrcfor.

SECTION a. l l . Nominl t iqr gommit tcc. Thc Bolrd of Dirccton rhr l lc lcct I Nominr l in3 Commit tcc conr i r t in j ; of thc prcr idcnr rnd r t lcrr t oncothcr dircctor. Thc Noninrt in j Commit tce shr l l be rc lcgled by rhc gorrd ofDircctorr r t thc rcauhr mcct ing of thc Bolrd of Dirccrors fo l lowing rhcrnnur l mcct in3"

SECTION a.l2. Cgm,mittetr. The Borrd of Dircclorr mry, byrcrolution prrcd by I nrlrr i ty of thc wholc Borrd, dcri3nrrc onc or morccommittcct, crch commitlcc lo conrirt of two or morc of r lc dircctorr of thcCorporr t ion, which, lo thc Grtcnt providcd in thc rcrolut ion, rhr l l hrvc rndnry crercitc thc powcrt of thc Borrd of Dircctorr, rnd mry rurhorirc thc|Grl of thc Corpontion to bc rff ircd to r l t prpcrr which mry icquitc ir. Suchcornnittcc or committccr rhrlt hrvc such nlmcr lr mry ba dctirmincd fromtisrc to t imc by rcrolutioa rdoptcd by rhc Borrd of Direcrori.

ARTTCLE V . OFFICERS

sEcrtoN S.ol, inn. Thc officcn ofthc Corpontion rhrlt bc I Prcridcnt. r Secicrrry, rna I f tcrrurcr, rnd rlroruch othcr off iccrr inctudin3 I Chrirmrn of thi Borrd ;,adfot onc or morcVice Prcridcntr tnd/os oac or morc asristrnr to thc forcjoini ofi ;ccri rt thcBorrd of Dirccloru from timc to t ime mly conridcr ncccirrr! for rhc propctconduct of thc burincr of thc Corporrt ion. Ths off iccrs rhrl l bc i lecrcdrnnur l ly by thc Borrd of Dircctort r t i r f i6t nrcct in l fo l lowing thc tnnur lmcctinl of the mcmbcru crccpt whcrc t lon3er term i i crprcsly-providcd in! ! cnploymcnt contt lct duly ruthor izcd rnd rpprovcd by lhc Borrd ofDircctorr" Thc Prcr idcnt rnd Chr i rmrn of thc BoaiO'rhr l l bc dirccron rnd thcolhcr off iccff mry. but nccd not bc, dircctort. Any rwo or morc of thc rboveoff iccr, Grc3pt thorc of Prcsidcnt rnd Vice Prcridcnt, ma y bc hcld by thc 3lmcpcrton' but no of f iccr rhr l t Grccutc, tcknowlcdjc or vcr i l 'y rny inr t rumcnt intnotc thrn onc ceprci ty of ruch instrumcnt i r rcquircd 6v lew or by thcscBy'Lrwr to bc cxccutcd, tcknowtcd3ed or vcr i f icd by iny two or morcoff iccn. Thc compcnsrt ion or nhry pt id r l l of f iccrs of i t tc iorporr t ion ghal lbc f i rcd by rcsolur ionr rdoptcd by thc Board of Direcrors.

23?

Rlir i r - - l0ptut I3: l

ln lhr cvcnt tht t rny of f lcc othcr thrn ln of f lcc rcqulrcd by l r r ,rhrl l aol b. f i l tcd by thc Botrd of Dirccton, or. oncc f i l lcd, rubrcqucntlybcconrcr vtclft l f lhcn ruch off lcc inopcrrt ivc unlcu tnd unrl l ruch off icc lrf l l lcd la rccordrncc with rhc provir ionr of therc By.Lrwr.

Erccat whcrc othcrwirc erprcnly provldcd ln I contrrct dulyruthorircd by thc Eorrd of Dircctorr, r l l of f iccrr rnd rlcnr3 of rhcCorpontlon rhrl l bc rubJcct to rcmovrl rt rny rimc by rhc rff lrrnrrivc vorcof I mrjorlty of thc wholc Borrd of Dirccton, rnd ri t off iccn, l lcnrf, lndcmptoyccl, thrlt hold off icc rt thc dircrction of thc Borrd of Dirccrorr or ofthc off iccrt rppointin3 thcn.

SECTION t.02. Powcrr rnd Dutlcr of thc Chrir4ftn of rhc Bor rd.Thc Chl l rnra of thc Borrd rhr l l prcr idc r t r l l mccr in j r of rhc BorrO-ofDircctorr unlcrr thc Borrd of Dircctorr rhrl l by I mrjority yotc of r quorunthcrcof c lcct I chr l rmrn othcr thrn thc Chr i rmrn of

- the Borrd ro ptc i idc rr

mcct in3r of thc Borrd of Dircctorr . He mry r i3n rnd crccutc r l t rurhor izcdbondr. contrrct t ot othct obt i j r t ionr in thc nrmc of thc Corporr t ion; rnd hcrhrl l bc cr-off icio r mcmbcr of r l l lrndin3 committccr.

SECTION 5.03. Pn.wc,rr rnd Duticr of thc Prqsidcnt. Thc Prcridcnrrhrt l bc thc chicf crccut ivc of f iccr of thc Corporr t ion rnd rhel l hrvc acncrr lchlr jc rnd control of r l l i t r bur incu r f fe i r t rnd propcrr icr . Hc rhr l l prcr idert r l l mcctintr of thc mcmbcrr.

Thc Prcridcnt nry r i3n rnd crccutc r l l rurhorizcd bondr, conrrrcttor othcr obli jrt ionr in thc nrmc of thc Corpontlon. Hc thrl l hrvc rhcjcncr l l gpwcrt rnd dut icr of rupcrvigion rnd mlnr lcmcnt urur l ly vcrtcd inthc off icc of prcridcnt of r sorporrt ion. Thc Prcridcnt rhrl l bc cr-off icio Imcmbcr of l l l thc r t rndinj commit tccs. Hc rhr l l do rnd pcrform ruch orhcrduticr tt f i ly, f rom timc to t imc, be rrr i jncd to him by thc Borrd ofDircctort.

ln lhe cycnt thr t thc Borrd of Dirccton docr nol t rkc r f f i rmrt ivcrcl ion to f i l l thc of f icc of Cht i rmrn of thc Borrd, rhc Prcsidcot rhel l r r rumcrnd pcrform r l l powcrt rnd dut icr j ivcn to thc Chr i rmrn of rhc Borrd bythcrc By-Lrwr'

SECTION 5.04. Pqwefr rFd Dulier.of thc Yice Prfr idcqt. Thc Borrdof Dircctort mry rppoint r Vicc Prcsidcnt rnd mry rppoinr morc rhrn onc ViccPrcl idcnt. Any Vicc Prcr idcnt (unlcrs othcrwisc providcd by rcrolut ion of thcBorrd of Dircctorr) mry r i jn rnd crccutc r l l ruthor izcd bond, contr lctr , orothcr obl i j r t ionr in thc nrmc of thc Corpont ion. Erch Vicc Prcr idcnt rhr l thrvc ruch olhcr powctt rnd rhal l pcrform ruch othcr dut ier r r mry bcrlr i3ncd to him by thc Borrd of Dircctoru or by thc Prcridcnl. In thc crscof rblcncc or direbi l i ty of thc Prcr idcnt, thc dur icr of rhr t of f iccr rhal l bcpcrformcd by rny Yicc Prcr ident, rnd thc takin3 of rny rct ion by rny guchYicc Prcr idcnt in placc of thc Prcsidcnt rhal l bc conclusive cvidcnce of thcrbrcncc or dir tb i l i ty of thc Prcr idcnr.

-ialrrr t - - f ( )paor 23 |

SECTION t.Ot. Sccrclru, Thc Sccrcnry rhrl l 3ivc. or crufc to bc3lvcn. aoticc of t l l mcctln3r of ncmbcrr rnd dirccton rnd rl l orhcr noticcrtcquircd by ltw or by therc By-Ltwl. rnd in crtc of hir rbrcncc or rcfunt orncjlcct to do fo. rny ruch noticc msy bc 3ivcn by rny pcrron thcrcuntodircctcd by thc Prcridcnt, or by thc dircctorr or ncmbcn upon whorc writtcnrcqucrl lhc mcctlng h crl lcd lt providcd in thcrc By.Lrwl. Thc Sccrctrryrhrl l rccord rt l of thc procccdinjr of thc mcctinjr of thc mcmbcrr rnd of thcdlrccton In boolr providcd for thrt purporc, rnd hc rhell pcrform ruch othcrdut lcr r r mty bc r t r i jncd to hlm by thc dircctort or thc Prcr idcnr. Hc thr l lhrvc curtody of the tcr l of the Corpont ion rnd rhr l l r f f i r thc 3lmc to r l lInr l rumcnlt tcquir in3 i t , when ruthor izcd by thc Borrd of Dircctorr or thcPrcl idcnt, tnd r t lc t t thc t tmc. ln jcncnl , thc Sccrctrry rhr l f pcrform r l l thcdut icr 3cncrr l ly incidcnt to thc of f icc of Sccrct l ry, rubjccr to thc conrrol ofthc Bol sd of Dlrcctoru rnd thc Prcridcnr"

SECTION J.06. Trclrurer. Thc Trcrrurcr rhrl l hlvc curtody of r l tlhc f undr lnd rccur i l ic t of thc Corponr ion, rnd hc rhr l l kccp f u l l rndlccur l lc rccounl of rccclpn rnd dirbuncmcntr in bookr bclonj in3 to theCorporr t ion. Hc rhel l dcpor i r r l l monicr rnd othcr vr lurbler in rhl nrmc rndlo thc crcdi t of thc Corporr t ion in ruch dcposi toty ot dcposi tor icr r r mry bedcri jnrtcd by thc Borrd of Dircctorr.

Thc Trct turcr rhr l l d i rburre thc fundr of the Corporet ion rr mrybc ordcrcd by lhc Borrd of Dirccrorl trkin3 propsr vouchcrr for rucidirbunctncntt. Hc rhrlt rcndcr to the Prctidcnl rnd lhc Borrd of Dircctorr.whcncvcr c i thcr of thcm to rcqucrt t , ln lccount of r l l h i r t r lnr lct ionr l rTrcr lurcr rnd of thc f inrncir l condi t ion of thc Corporr t ion.

Thc Trceturcr rhrl l 3ivc thc Corporrt ion I bond, i f rcquircd by rhcBorrd of Dircctorl, in I furn, rnd with one or morc surcl ies, ratirfectoiy torhc Bonrd of Dircctorl, for thc fr i thful pcrformlncc of rhc duricr of hir ofi iccrnd for thc rct torr t ion to thc Corport t ion in c l rc of h i r dcrth, rct i jnr t ion,rcl ircmcnl or rcmovrl from off ice of r l l bookq prpcrtr vouchcrt, moncyr, rndothcr propcrl ier of whrlcvcr kind in his porcgion or undcr hir controlbctoajinl to thc Corporrt ion.

Thc Trctrurcr rhr l l pcrform r l l thc dut icr jcncnl ly incidcnt to thcoff lcc oC thc Trcrlurcr, rubjcct to thc control of thc Borrd of Dircctorr rndthc Prcridcnt.

SECTION 5.07. Asirtnnt.SccrctrrX. Thc Borrd of Dircctorr mlyrppoint ro Arrirtent Sccrclrry or tnorc thrn onc Arirrrnt Sccrctrry. Ercirr$i r t rnt Sccrctrry rhr l l (cxccpt rr orhcrwisc prcvidcd by rcrolut ion of thcBosrd of Dircctorr) hrvc powcr to pcrform rl l duticr of rhc Sccrclrry in thcrblcncc or direbi l i ty of thc Sccrctrry rnd shr l l hrvc such othcr powcrr rndrhr l t pcrform ruch orher dut ics l r mry bc assigncd ro him by thcBorrd of Dircctort or thc Prcr idcnt. In crsc of thc rbscncc or dinbi l i ry ofrhc Sccrchry, thc dut ier of the of f icc rhr l l be pcrformcd by rny Asr i r r rntSccrctrry, rnd thc t rk ing of rny rct ion by rny ruch Arr i r tant Sicrctrry in

Bll l t l ( - " ' | 0pAot !3: iplrcc of thc Sccrcttry rhrl l bc conclurivc cvidcncc of thc rbrencc or dinbil iryof thc $ccrcltry.

SECTION 5.0t. Anilt lnt Trcrrurff. Thc Borrd of Dircclol mryrppoint rn Auir t rnt Trcrrurcr or morc thrn onc Auir t rnt Trcrrurcr. ErctrAtr i r t rnt Trcrturcr rhrt l (srccpt l r o lhcrwirc providcd by rcrolut ion of rhcBolrd of Dircctorr) hrvc poucr to pcrform rl l duticr of rhc Trcrrurcr in rhcrbrcncc of d inbl l i ty of lhc Trcrrurcr rnd rhl l l hrvc ruch othcr powcrr rndrhr l l pcrforn ruch olhcr dut icr r r nry bc rni jncd to him by thc Borrd ofDircctort or thc Prcr idcnt. ln crrc of thc tbrcncc or di i rb i l i ty of rhcTrcl lurcr . thc dut icr of thc of f icc rhr l l bc pcrformcd by rny Arr i t t rntTrcl turcr , rnd thc t r l ia j of rny rc l ion by rny ruch Agir t rnt Trcrrurcr inpfrcc of thc Trctturcr rhrlt bc conclurivc evidcncc of rhc rbrcncc ordirrbl l i ty of the Trcrrurc?.

ARTICLE VT . CORPORATE SEAL

SECTION 6.01. Sf l t . In thc evcnt thr t thc Prcr idcnt rhel l d i rccrthc Sccrctrry to obtrin r corporrtc rcrt, ihc corporrtc scrl rhrl l bc circulrr inforn rnd rhr l l hrvc inrcr ibcd lhercon the nlmc of thc Corporr l ion. thc ycrrof i l t or3rnizr l ion rnd thc word 'Mrryl rnd' . Dupl icr te copics of thc corpontGrcrt mry bc providcd fot utc in thc diffcrcnt off iccr of rhc Corporerion burerch co9y thcrcof rhr l l bc in thc curtody of thc Sccrcl . ry of thc Corporrr ionor of rn Ar i r t rnt Sccrclrry of thc Corporr t ion nominrtcd by thc Sccrcrrry.

ARTICLE VII - BANK ACCOUNTS AND LOANS

SECTTON 7.0 t. 4rqk Accounl!. Such of f iccrr or rtcn$ of thcCorporlt loa lt f rorn t lmc to t imc rhrl l bc dcti jnetcd by rtrc Borrd ofDircctoru rhr l l hrvc ruthor i ty to dcpor i t lny fundr of rnc Coipogt ion in ruchbrnkr or l ruf t courprnicr t t rhal l f rom t ime to t imc bc dci i tnrrcd by thcBorrd of Dircctorr rnd ruch off iccr or ttcnn rt from timc to t imc rhell bGr-uthor izcd by the Borrd of Dlrcctort moy withdr lw lny or r l l of thc fundr ofthc -Corporrt ion ro dcporitcd ia rny ruch brnk or trurt comprnyr upon chcckl,dr|f lr or othct inltrumcntt ot ordcru for thc prymcnt of moncy, Cti*n r3rinsiths rccounl or in thc ntmc or bchrlf of thir Corpontion, rnd mrde or r l jncdby ruch of f iccrr or r fcntr ; rnd crch brnk or t rut t comprny wirh which fundrof thc _Corpontion lrc to dcporited ir ruthorizcd to lcccpt, honor, crrh rndPrY, wi thout l in i t l t to lmount, r l l chcckr, drr f r . r or o ihcr inr t iumcnrr orordcrt for thc prymcnt of noncy, whcn drrwn, mrdc or r igncd by off iccrr orr fcnts to dcr i3nrtcd by thc Borrd of Dirccton unt i t wr i r rcn noi icc of rhcrcvocrt ioa of thc ruthority of ruch off iceru or rgcntr by thc Bolrd ofDircctorr rhr l l hrvc bccn rcccivcd by ruch brnk or t ruJt comprny. Thcrc rhr l lf rom t imc to t imc bc ccrt i f icd to thc benkr or t rur l compenicr in which fundrof thc Corpont ion rrc dcposi tcd, thc r ignaturc of thc of f iccrr or r tcnr ofthc Corporet ion to ruthor izcd to drrw rgr inr t thc rrmc. In thc cvcnt thr t theBorrd of Dircctoru rhr l l f r i l to dcr i3nl tc lhc pcrsont by whorn chcckl , drr f t rrnd othcr in l t rumcnt3 or ordcrr for thc prymcnt of moncy rhr l l bc r i3ncd bythc Prcr idcnt or I Vice Presidcnt rnd countersi jncd by thc Sccrcl . ry or

Frr ' t r t - - l0piar !3 l iTrctturcr o? .n Arirtrnl Sccrctrry or ln Arrirtrnt Trcrrurcr of thcCorponliot.

SECTION ?.01. tour. Such off iccrr or r lcntt of thir Corporrrion$ fron l irno to t imc rhrt l bc Ocrifnrtcd by rhc Borrd of Dircctorr rhrl l htvcrtthorlty to cffccl lotn1 rdvrncci or ottr ir forml of credir tt rny rimc ort lncl for th9 Corporr t ion f rom tuch brnkr, t rut t comptnicr , inr t i tut ionr,€orpotl l ionl, f irmr or pct3ont rE thc Borrd of Dircctorr, thrl l from timc tot imc dcr i3nrtc, tnd r t rccur i ty for thc rcprymcnl of ruch looni , ldvlss3rr o lothcr fornr of crcdi t to rui ln, l r rnr fcr . cndorrc rnd dcl i "cr . c i ih i , or i3 inr l lyor ln rddi t ion to rubrt i lu l ion, rny or r l t r tockl , bondr. r i jht i rnd inrcrcr t r ofrny l ind in or to r tockr ot bondt, ccrt i f icr tcr of rucl i r i jh6 or inrcrc l r3,dcporltr. rccouott, documcnlt covcrinj mcrchrndirc, bi l l ; rnd lccountrrccciveblc rnd othcr commcrcir l prpcr rnd cvidcnccr of dcbt .r iny t imc hcldby thc Corpontion; rnd for ruch lotnr, edvrnccr or othcr formr df crcdir romlkc' crcculc rnd dcl ivcr onc or morc nolct f lcccptsncct or wr i t tcnobl i3rr ionr of lhc Corport t ion on ruch tcrmrr rnd si rh luch provis ionr lJ tothc rccur i ty or t r lc or d i rpor i t ion thcrcof t r ruch of f icc6 or r lcn6 rhr l ldccrn propcr; rnd r l ro to rc l l to, or d i rcount or rcdircount wi th, ruch brnkl .t ru l t comprnict . inr t i lut ionr, corporr t ionr, f i rmr or pcrsont rny rnd r l icommcrci t t ptpctr b i l l r rcccivrble, rcccplrnccr rnd oihct inr t rumen6 rndcvidcnccr of dcbt r t rny t imc hcld by i t c Corporr t ion, rnC ro i t r . r cnd locndonc, t r lufcr rnd dcl ivcr thc rrmi" Thcrc rhel t f rom t imc ro r imc bccert i f icd to erch brnk, l ru3t compsnyf inr t i tut ion, corporr t ion, f i rm or pc6onro dcr iSnrtcd thc r i3nrturcr of thc of f iccr f or t3entr ro ruthor izcd, rnd crchruch brnk, t rut t comprny, inr t i tut ion, corporr t ionl f i rm or pcr lon i r ruthor izcd10 rcly upon luch ccrt i f icrt ion unti l writtcn nolicc of thc rcvocrrion by rhcBorrd of Dirccton of thc ruthor i ty of ruch of f iccrr or r tcng rhsl l bcdcl ivcrcd lo ruch blnk, l rur t comprny, inr t i tut ion, corporr- t ion, f i rm orpctSon.

ARTICLE VII I - REIMBURSEMENTS

SECTION t .01. Dinl lof fd -4rncnfer. Any prymcnrr mrdc lo rnoff iccrorothcrcmp|oyce.of f f in,ruj t r ' t r t l ry,commil l ion,

intcrcr t or tcnt , or Gnlcr t . inmcnt crpcnrc incurrcd by him, *-hict thr l l bcdiset lowcd ia sholc or in prr t r r . dcduct ib lc crpcnsc

"by rhc tn lcrnr l

Rcvcnuc Scrvicc, rhrl l bc rcimburucd by ruch off iccr or orhcr employcc of thcCorpont ion to thc fu l l cr lcnt of ruch disr l lowrncc. l t rhr l l bc- thc duty ofthc Dircctorr . l t I Borrd, to cnf orec prymcnt of erch ruch lmounldinl lowcd. la. l icu of prymcnt by thc of f icc i or othcr cnrploycc, rubtct rothc dcterminet ion of thc Borrd oi Dircctorr , proporr ionrtc ' . rounrs mry bcwithhcld f rom hir fu lurc compcnnt ion prymcnt i unr i l rhc rmount owncd ro rhcCorporrt ion hu bccn rcmovcd

ARTICLE IX . MISCELLANEOUS

sEcrloN 9.01. Eiscar ycar. This f iscr t ycrr of thc corpor l r ionrhr l l cnd on thc l r r t dry of August.

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Rtrrr-- l t ) raac ?l?

SECIION 9.02. Nlfieff. Whcncvcr, undc? thc provirionr of thctc3t-Lr*r. nolicc ir rcqulrcd to bc glvcn to rny dirccror. officcr o? ncmbc? itrhrll not ba conrtrucd to ltrcrn pcrronrl notjcc. but ruch noticc th.ll bc livcnIn ?rltint, bt mril. poilrlc p?cprid. .dd?crtcd to crch mcmbcr. officcr ordircctor rt ruch rddrcrr rr rppcrrr on thc boolr of thc Corpo..tion. or indcfrul t of .nt othar rdd?ctr . to tuch dircctor, o l f iccr or f icmbcr r t thctcncrr l pot t of f lcc in thc Ci ty of Annrpol i t , Mlryhnd, snd ruch aot icc ihr t lbc d3ctncd to bc !iv.n rt thc timc rh3 rrmc thrll bc rhut mtilcd, Anymcmbcr, d i rcctor or of f iccr may vr ivc rny not icc rcquircd to bc j ivcn underrhcrc ly-Lawt,

ARTICLE X . AMENDMENTS

sEcTtoN t0.0t .rhr l l hrvc thc powcr rndrny provi t ion thcreofo rnd

The Borrd of Dircctorrruthor i ty to amcnd, r l lcr or rcpcal thcre By-Lewt ormry f rom t imc to t imc mrkc rddi t ionr l By.Lrwr.

00. r StBC.BYL