By-Laws Art.V

By-Laws Art.V

Exhibit VIII : By-Laws of The Overseas Village Homeowners' Association

ARTICLE V

FINANCE AND ASSESSMENTS

Q. Depositories. The funds of the Association shall be deposited in such banks and depositories as may be determined by the Board from time to time upon resolutions approved by the Board, and shall be withdrawn only upon checks and demands for money signed by such officer(s) of the Association as my be designated by the Board.

R. Fiscal Year. The Association's fiscal year shall be the calendar year beginning with the calendar year in which the Association was incorporated, provided that the Board may change the fiscal year, in it's discretion.

S. Determination of Assessments. The Board of Directors shall fix and determine from time to time the sum or sums necessary and adequate to pay for the expenses of the Association. Association expenses shall include those expenses as set forth in The Declaration. The Board specifically is empowered to make and collect assessments against the Units as provided in The Declaration. When the Board has determined the amount of any assessment, the Treasurer shall mail or present to each Member a statement of assessment. All assessments shall be payable to the Treasurer and, upon request, the Treasurer shall give a receipt for each payment made to him.

T. Application of Assessment Installments Upon Defaults. If a Member shall be in default in the payment of an installment upon any assessment, the Board may accelerate the remaining monthly installments for the year upon written notice thereof to the Member and, thereupon, the unpaid balance of the assessment shall become due upon the date stated in the notice, but not less than fifteen (15) days after delivery of or the mailing of such notice to the Member.

U. Fidelity Bonds. Unless required by law, fidelity bonds shall not be required for any director, officer or employee of the Association.

V. Commingling of Funds. All sums collected by the Association may be commingled in a single fund or divided into more than one fund as determined by the Board.

W. Applications of Payments. All assessment payments received by the Association shall be applied first to any and all costs of collection, second to accrued interest and late charges and third to the amounts originally assessed.

X. Audits or Reviews. An audit or a review of the accounts of the association shall be made annually commencing with the year in which the first annual meeting takes place. Said audit or review shall not be required to be certified but shall be prepared by such accountant as the Board determines and a copy of said report shall be available to the members in the office of hte Association in the office of the Association and with the Treasurer. Such report shall be available not later than four (4) months after the end of the year for which the report is made.