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ARTICLE YII
DIRECTORS dc OFF~CERS
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-------------1 • --The-numbe~--o~f- me~be~s-crf-~he--First-~B~ard of -I~ire ctors
of the Corporation shall be three (3). The number of inem-
bers of succeedi:ig Board of Dir~ctors shall be as provided
from time to time by the By-Laxs of the Corporation. The
members of the Board of Directors shall be elected by the
members of the Corporation at the Annual Meeting of the member- ~
,
ship as provided by the By-Laws of the Corporation, and at
least a majority of the Board of Directors shall be members
of the Corporation or shall be authorized representative,
officers, or employees of a corporate member of the Cor-
poration. Notwithstandi.ng the foregoing, so long as
, ;
Developer is the owner of six (6) or more Private Dwellzngs ~
in INLET HOUSE CONDC~?IINIUN APARTMENTS, INC., said Developer
shall have the right to designate and select a majoritp of
the persons who shall serve as members of each Board of
Directors of the Corporation; and so long as the said
Developer is the owner of at least one (1) but not more
than f~.ve (5) Private Dwellings, the said Developer shall ;
i
have the right to designate and select two (2) of the ~
persons who shall serve as a member of each Board of Directors
of the Corporation. The said Developer may designate and
i select the person or persons to serve as_member or members
~
~ of each said Board of Directors in the manner provided in the
I By-La~rs of the Corporation.
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2. The Board of Directors shall elect a President, - ;
Vice President, Secretary arid Treasurer, and as many Assis- ~
f - ~
tant Secretaries and Assistant Treasurers as the Board of ~
~
~ Directors shall deterr~ine. The President sh~all be elected ~
~ from among the membership of the Board of Directors, but no ~
~ ~
other officer need be a Director. The same person may hold two ~
~ f
offices, the duties of' ~rhich are not incompatible; provided, `
~
` howe ver, that the offzce of President and Vice President shall
not be held by the same person, nor shall the office of the
~ ~~3 ~ 4~
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