Our Pres gave Assocation property to another BOD

We are revamping our HOA clubhouse, and replacing a back storage shed (good condition) with a larger one. Today another BOD received this old storage shed "free of charge" and was seen hauling it away. When another BOD asked the President about this, Pres defended giving it away because Association didn't need it anymore. This decision to give it to this BOD was apparently done last year between the Pres and this BOD, long before the other questioning director and I were on the board, but nothing is in writing. Even our Secretary knew nothing about it. What can be done at this point? I am sure it would not sit well with other community members should this become known. No one knew about this verbal agreement. Any remedies now that it off our property? 720 applies. Thanks.

Dana,
I agree that it might not be worth getting into a huge battle over this. It saved you the cost of having it removed. BUT--Mr. President better get a message from the rest of you, that he needs to follow procedure and get approval from his entire Board first before he gives the association property away again.