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The following Code of Ethics is intended to (1) ensure that members
of the Board of Directors of River Towers Condominium Unit Owners
Association maintain a high standard of ethical conduct in the
performance of the business of River Towers Condominium and (2)
enable residents to maintain confidence that Board actions are
consistent with each Board member's fiduciary responsibilities to
all unit owners.
The following principles and guidelines constitute the Code of
Ethics for the Board of Directors of River Towers Condominium Unit
Owners Association (hereinafter, the "Association"):
1. Board members
shall not use positions as Board members for their own private gain
(or for the individual advantage of their friends or supporters) as
distinct from the common interest of all unit owners.
2. No Board member
shall solicit or accept, directly or indirectly,
any gift, gratuity, favor,
entertainment, loan or any other thing of monetary value from a
person or firm who is seeking to obtain contractual or other
business or financial relations with the Association.
3. No Board member
shall receive a gift or favor from any individual or
firm made with the intent of
influencing any official decision or action.
4. No Board member
shall receive any compensation from the Association for serving as a
Board member.
5. No Board member
shall share confidential information from an Executive Session of
the Board of Directors outside the confines of Executive Sessions.
"Confidential information" shall
mean financial or other private affairs of a unit owner, resident or
employee that is made available to Board members at an Executive
Session duly convened to protect the confidentiality of such
information.
6. Board members,
shall work together to provide
full disclosure of
information regarding River Towers Condominium activities that may
have significant economic implications for unit owners, except for
information which the Board agrees is to be discussed in Executive
Session as allowed by the Virginia Condominium Act.
7.
Each
Board member shall exercise vigilance in the oversight of River
Towers Condominium operations and ensure that the Association's
assets are managed to high professional standards.
8. No Board member
shall attack the good name or reputation of another
Board member, unit
owner, or resident of River Towers Condominium by uttering or
publishing maliciously or falsely anything injurious. In debate and
discussion of issues before the Board of Directors, each Board
member shall abide by Roberts Rules of
Order to assure that discussion is orderly. In addition, each Board
member shall adhere to the standard of decorum in debate set forth
in §43 of Roberts Rules of Order, including: confining remarks to
the merits of the pending question; refraining from attacking a
Board member's motives; and refraining from disturbing the meeting
by speaking when not recognized.
9. No Board member
shall willingly misrepresent facts to, or conceal facts from, the unit owners or residents of
River Towers Condominium for the purpose of advancing a personal
cause or influencing others to place pressure on the Board to
advance the Board member's personal cause.
10.
No Board member or agent,
employee or family member of a Board member
shall enter
into a personal
service contract
with the Association
without
previous disclosure of such relationship in writing to the Board and
unit owners.
11. No Board member
shall pursue a contract where a conflict of interest or appearance
of a conflict of interest exists. In cases where a potential or
current contractor is known to a Board member, either personally or
professionally, the Board member shall make full disclosure in
writing to the Board.
12. No Board member
shall (a) seek to have a contract implemented that has not been duly
approved by the Board or (b) interfere with a contractor
implementing a contract in progress. All communications with
contractors shall go through River Towers Condominium's management
or staff.
13. Each Board member
shall disclose all financial or other business
relationships with any and all contractors or employees of River
Towers Condominium, the Management Agent or another Board member.
14.
No Board member shall
interfere with the system of management
established by the Governing Documents, the Board and the Management
Agent or the Virginia Condominium Act.
15. No Board member
shall interfere with the duties of any River Towers Condominium
employee. Each Board member shall maintain a professional
relationship with the staff and Management Agent of River Towers
Condominium. No Board member shall use River Towers Condominium's
staff for personal or personal business projects.
16. Each Board member
shall exercise authority as a Board member only when participating
in Board meetings unless delegated by the Board to act in the
Board's behalf.
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