HomeMy WebLinkAbout0061 ' I
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elected to sarve for the term of one (1) year or until his suces-
;;sor shall be elected and shall qualify.
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Section 2. Vacancy and Rsplacemeat: If the office of any
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~!director or directors beco~nes vacant by reason of death, resiqnati n,
~(retirement, disqualification, removal from office or otherWise, a
;;majority of the remaining directors, thouqh less than a quorwa, at
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;!a special meeting of directors duly called for thie purpose, shall
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!jchooee a successor or successora, who shall hold office for the
i~unexpired term in respect to which such vacancy occurred.
Section 3. Removal: Directors may be ren?oved for cause by
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~;ari affizmative vote of a majority of the members. No director (
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;;shall continue to serve on the board if, during his term of offica
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!!his memberahip in the corporation shall be teriafnated for any i
~~reason Nhatsoever.
Section 4. First Board of Directors: The first board of
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i;directora shall consist of Georqe C. Perresult, Lester G. Schott,
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i ~:and Martin NeWby who shall hold office and exercise all powere of
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i ;the Board of Dfrectors until the first memberehip mestinq, anythin~
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~ herein to the contrary notwithstandinq; provided any or all of ~
~ '~aaid directors shall be subject to replacement in the event of ~
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L'~reaiqnation or death as above provided. -
Section 5. Powera: The property and business of the corpora
;tion ahall be manaqed by the board of directors, who may exercise ~
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iall corporate pvaiers not spefically prohibit~d by statute, the ~
~ 'certificate of incorporation, or the Declaration to vhich these ~
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~ !;By-La~s are attach~d. Tke pawers of the board ot dir~ctors shall ~
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- 'apecifically include, but not be li~.tted to, the follawinq it~ns: i
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~ A. To make and collect asse~sments and estab2ish the ~
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~ time Within mhich payment of same are due.
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~ B. To sus and expend the asseasmenta collected; to
maintain, care tor and preaerve the uniEs and oondoainium
~ property excQpt those portions thereof Nhich are required
~ SYOH[YADLtR to be maintained, cared for and preeerved by the unit awnera.
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