any one emergency. Any emergency measure shall state the reasons for said emergency, the amount necessary therein and no emergency measure shall be contracted for, incurred or paid or disbursed without the approval of nine(9) members of the Board. Said emergency fund shall be drawn from general treasury and shall be a mandatory item in the following year's budget unless repaid from current surplus.
	Section 33	There shall be created a Sinking Fund. The Board of Directors are empowered to appropriate to such Sinking Fund up to five (5)% of the current year's budget in the event of any surplus or unexpended funds. Moneys to the Sinking Fund shall be invested in United States Government Securities or IN SUCH TYPES OF SAVINGS THAT ARE INSURED BY THE UNITED STATES GOVERNMENT, and no moneys shall be used or withdrawn from said Sinking Fund, except by a two-thirds (2/3) vote of the membership voting on said question. Any surplus in the current year's budget not appropriated to the Sinking Fund, shall be included in the following year's budget, as part of anticipated revenues. The general treasury of the Association shall consist of all funds now belonging to the Association or that may become due and owing the Association. Any income derived from the Sinking Fund shall be added to the Sinking Fund.
	Section 34	The Board and its Officers shall not be empowered to mortgage or pledge any of the Common Properties of the Association or properties under its supervision, nor borrow money, except by a vote of the Association at a General or Special meeting or by a balloting conducted by mail. Said vote must be a two-thirds (2/3) majority of those voting.
	NOMINATION AND ELECTIONS
	Section 35	The President, 1st Vice President, 2nd Vice President, Treasurer and four (4) members of the Board of Directors shall be elected by the membership annually. Candidates for any of the said offices, must be members in good standing for at least one year prior to nominations or temporary appointment. The President with the consent of the Board of Directors shall, on or before July 1st of each year, appoint a Nominating Committee of five(5) members to nominate at the September meeting its candidates for President, 1st Vice President, 2nd Vice President, Treasurer and the four(4) members of the Board of Directors in accordance with Section 25 and other pertinent Sections of these By-laws. The report of the Nominating Committee shall be read at the September meeting of the Association and nominations shall also be accepted from the floor. No person shall be nominated for more that one(1) office, nor shall any person run for an office and as a member of the Board of Directors. The Nominating Committee shall make its own rules of procedure. The Directorship of any incumbent Director who stands for election of an Officer shall be deemed as vacated as of the next Reorganization meeting. Membership on the Nominating
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