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shall be elected from the votinq mexnbers for a period of three years; it
beinq fihe intent that there shall be three directors electe+d at each annual
membership meeting for a period of three years. Ea~ch member of the Bo d
of Directors, other tha,n the initial board, shall be either the owner of a
condominium unit or an owner of an interest therein.
Section 2. First Board of Directors.
~ (a) The first Board of Dlrectors, atho shall serve until the
. first annual meeting of inembers and until their successors have been elec
ar~d qualifted, shall consist of the followir.y:
HAZ EN KRELS _
ROBERT A. EPPERSON ~
R:ANDALL HENDERSON -
(b) The o~c~anizational meetiuct of a newly elected Board of
Directors sha11 be held within ten (10) days of their election at such place
and time as shall be fixed by the Directors at the meetinq at which they
were elected a~d no further notice of the organizational meeting shall be
necessary providing a quornm shall be presen~
Section 3. Removal of Dlrectors. At any time after the first
annual meetinq of the membership, at any duly convened regular or special
meet3nq, any one or more of the directors may be removed with or_ without
' cause by the affirmative, vote of the voting members casting not less tha,n
two=thirds of the total vot~ ~resent at said meetinq, and a successor may
then and there be elected-to fill the varcancy thus crea.ted. Should the
~ membership fail to elect said successor, the Board of Directors may fill
i the vacancy in the manner provided in Section 4 below. -
I
~ Section 4. Vacancies on Directorate. If the office of any
~ Director or Directors becomes varcant by reason of death, resiqnation, re-
tirement, disqualification, remova.l from office, or otherwise, a majority
of the remaininq Directors, thouqh less than a quorum, shall choose a
successor or successors, who shall hold office for the balance of the unex-
pired term in respect to which such varcancy occurred. T~he election held
for the purpose of fitling said varcancy_ may be held at a.ny regular or
special meeting of the Board of Di~ectors.
Section 5. Disaualification and ~tesianation of Directors. Any
DirectAr ma.y resiqn at any time by sending a written notice of such resiq-
nation to the office of the corporation delivered to the Secretary. Unless o r,
wise specified therein, such resignation shall take effect upon receipt
thereof by the Secretaxy. More than three (3) ~~onsecutive absences from
regular meetings of the Board of Directors, unless ~xcused by resolution
of the Roard of Directors, sha11 automatically constitute a resigna.tion
effective when such resignation is accepted by the Board of Directors. In
the event a director ceases to be an owner of a condominium unit or having
an interest therein, or in the ev~nt of corporate ownership ceases to be an
- officer of said corporation, then the directorship shall immediately and
~O~ automatically ternaina.te. No member sha11 continue to serve on the Boa.rd
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fTUAItT, RLAI~IOA
, 168 ~~37~ 5
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