HomeMy WebLinkAbout0484 ~RTICLE IV
1+~E1~iHERSHIP `
The qualification of the ~nembers, the manner of their ,
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admission to membership and tei^raination of such rr~embership, ~
and voting by members shall be as follows: ~
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1. The owners of all Private Dwellings in INLET HOUSE ~
CONDC~IINIUI~i APARTl~:~NTS, INC . shall be members of INLET H,OUSE ~
CONDCB~II~IUA~ APARTN:ENTS, INC and no other person shall be ~
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___entitled to membership, except as provided in Item 5 of +
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ARTICLF IV. Y'
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2. l+:embership shall be established by the acquisition
of fee title to a Private Dwelling in INLET HOUSE CONDCr!INIUNF
APART2r:ENTS, INC. or by acquisition of a fee ownership
interest therein, whether by conveyance, devise, judicial ~
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-decree or otherwise, and the membership of any party shall ~
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be automatically terminated upon his being divested of all
title to or his entire fee ownership interest in any Private
I}welling, except that nothing herein contained shall be con-
strued as terminating the membership of any party who may own
two or more Private Dwellings, or urho may own a fee ownership
interest i:~ two or more Private Dwellings, so long as such
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party shall retain title to or a fee ownership interest in any
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; Private Dwelling. '
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3. The interest of a member in the funds and assets ~
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€ of the Corporation cannot be assigned, hypothecated or trans- ~
~ ferred in any manner, except as an appurtenance~to his Pri- ~
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' va e . C~~~orat ion shall
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belong solely to the Corporation subject to the limitation
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that the same be expended, held, or used for the benefit of
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the hiembership and for the purposes authoriZed herein, in
the Declaration of Condomi.nium and in the By-Laws which
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may be hereafter adopted. ~
t~. On all matters on which the Membership shall be
~ entitled to vote, there shall be only one vote for each
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' Private Dwelling in INLET HOUSE CONDCt~iINIU?~~ APAftTAiENTS, INC.
` ~ - ~0~1~3 ~ 484.
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