Please consult an attorney

 In this case, are the home owners in the complex just you and Fannie? This is a generic HOA bylaws that is not suited for your two-owners situation.  I would recommend you talk to an attorney about HOA formalities.  See also http://www.andysirkin.com/HTMLArticle.cfm?Article=244&Print=1&Hit=1 

I am not familiar with HOA enough to figure out an easier way.  If I had to do it, I'd have to do the following: 

 

(1) Discuss with PM, planning an annual meeting of HOA: 

        Schedule an annual meeting of "all owners" (Fannie and You), Fannie can send a person (person A) as represntative.  The meeting can happen over the phone.

 

        Discuss draft meeting agenda with PM, including, 

             Candidate for the board, Jenny, Person A from PM, and a Person B, (satisfying point 1, at least majority of the 3 board member (2) has to be owner.  Person B could be someone from PM, or it could be your spouse, friend.  I suggest you include someone on your side as person B.  

             Election of a board,  Jenny, Person A and B becomes board members (only Jenny and A can vote, because B is not an Unit Owner)

             Election of Officers,  Jenny beomces the president, Person A and B becomes treasurer, and secretary.  (Jenny, A and B can vote, B being a board member)

         Once the meeting date is set, schedule telephone meeting with person A and B. 

      You write up the final agenda for the annual meeting.

(2) Annual Meeting:  Formal meeting in US usually follows Robert's rule of order, if you've never done it, you don't know how to have a formal meeting.   Ask PM's personnel to chair the meeting.

      following the agenda set above, hold an election of the board, and the board hold an election of officers.

      You write up meeting minute.

You are now president of the HOA.  Share the agenda and meeting minutes with PM person A, as evidence. 

If you have done the above, there will be NO QUESTION that you can act in capacity as HOA president.  Discuss with PM, maybe they will agree to a lesser formal way make you the president.  The goal of being so formal is for your protection.   

Good Luck, go see an attorney about how to adapt HOA bylaws in your current situation, i.e. making you the president.