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~RTI~:LE IV i
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The qua].ification of the menibers, the mani~er of their ~
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admission to memberahip and terminativn nf sur_h membership, ;
and voting by members siiall be as fallcws:
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1. The owners of ail Private Avellings in TNLET HOUSE ~
CUNDC~SINIIR~i AP~iTN`_ENTS, INC , shall be members Qf INLET HOUSE ~
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CCNDC1NiINIUM AP~TNENTS, I1vC. , and no uCher parson shall be
entitle~ to r~embership, except as provlded in Item 5 of
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ARTICLE IV. ~
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2. A;ember~hip shali be established by t;he acquisition ~
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of fee title to a Privat~ Dwelling in INLET Ht)US~ CONDCMINIUI~:
AP~1RTt~:ENTS, INC. or by acquisition of a fee awn~rshzp
interest therein, whether by conveyanj.:e, devise, judicial
decree or atherr+i se , and the membership of any party shall
be automatically terminated upon his being d~~ested of all ~
~ title to cr his entire fz~ ownership interest; zr~ ar.y Frivate
Dwel~ing, except tr,ai nothing herein contained s?;aZl be con-
strued as terrrinating the membership af any ~ai~t;~~ who may oxn
twa or more Private Dwellin~s, or who may owrf ~ rc~ awnership
interest in two or mare Frivate Dwellings, so i t;r~~ as such
.~arty shall retain title ~n or a fee ownersh~~; ir,tarest in any
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Privat~ I?welling. f
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3. The ir.terest cf a member in the funds and assets ~
of the Corporation cannot be assigned, hypotnecai,eu ~i~ tr•ans- ~
ferred in any manner, except as an appurtenance to his Pri-
vate Dwell;ng. The funds and assets of the Corpoi•ation shall
belong solely to the C;orporation subject to the lzmitation
that the same be expendzd, held, or used for the benefit of
the hiembership and for the purposes authoriLed herein, in
the Declaration of Conciominium and in the By-Laws which
~-?ay be hereafter adopted.
. 4. cin all matters on which the Membership s~.all be
entitled to vote, there shall be only one vote for each
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Private Dhvelling in INLET NOUSE CONDCNlINIU~+I AP~RTM~NTS, IHC. t
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