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ARTICLE V <br /> MEETINGS OF MEMBERS <br /> 1. Place. All meetings of the Members of the Association shall be held at the <br /> principal place of business of the Association, or at such other place convenient to the <br /> Members as may be designated by the Board in any notice of meeting of the Members. <br /> 2. Annual Meeting. Regular annual meetings of the Members shall be held <br /> at a date and time designated by the Board, unless the Members at any annual or <br /> special meeting approve a different date for an annual meeting. An annual report shall <br /> be prepared by the Association in accordance with Minn. Stat. §515B3-106(c), as <br /> amended, and a copy of the report shall be provided to each unit owner at or prior to the <br /> annual meeting. The annual report shall at a minimum include the following information: <br /> a. statement of any capital expenditures in excess of two percent of the <br /> current budget or $5,000, whichever is greater, approved by the Association for <br /> the current fiscal year or succeeding two fiscal years; <br /> b. a statement of the balance in any reserve or replacement fund; <br /> C. a copy of the statement of revenues and expenses for the Association's <br /> last fiscal year, and a balance sheet as of the end of said fiscal year; <br /> d. a statement of the status of any pending litigation or judgments to which <br /> the Association is a party; <br /> e. a detailed description of the insurance coverage provided by the <br /> Association including a statement as to which, if any, of the items referred to in <br /> Minn. Stat. Section 5158.3-113, subsection (b), are insured by the Association; <br /> and <br /> f. a statement of the total past due assessments on all units, current as of <br /> not more than 60 days prior to the date of the meeting. <br /> At each annual meeting of the Members, the persons who are to constitute the Board <br /> shall be elected and an election of successor directors for those directors whose terms <br /> have expired. Any other matter that is properly brought before any annual meeting of <br /> the Members, and is a proper subject for discussion or decision by the Members, may <br /> be passed upon at the meeting, including but not limited to the following: <br /> (i) a report on the activities and financial condition of the Association; <br /> and <br /> (ii) consideration of and action on any other matters included in the <br /> notice of meeting. <br /> 3 <br />