HomeMy WebLinkAbout1435 (9) To contract for the management or
operation of portions of the common elements
susceptible to separate management or operation,
and to lease such.portions.
(101 To empZoy personnel to perform the
services required for proper operation of the
condominium.
(c) To exercise all the common law and statutory
powers of a corporation not for profit and not in conflict
with the terms of these Articles. •
ARTICLE III.
The members of this corporation, until the recording
of the Declaration submitting the property described therein
to condominium ownership, shall be subscribers. From and
after that time, the members shall consist of all unit owners
of VENTURE OUT AT INDIAN RIVER CONDOMINIUM in accordance with
the respective percentages of ownership of the unit owners
~ in the common elements of the property. The respective
percentages of ownership shall be determined in acco~dance
- with the provisions of the Declaration. Membership shall
not be transferable, except as provided herein or in the
Declaration. The membership of each unit owner shall ter-
minate upon the sale, transfer or other disposition of his
ownership interest in the property, accomplished in accor-
dance with the provisions of the ISeclaration, and, thereupon,
the membership shall automatically trar?sfer to and be ves-ked
in the new owner succeeding to the oc~nership interest. This
corporation may, but shall i~ot be required to, issue certif-
icates or other evidence of inembership therein. All mer.ibers
of the corporati~an shall be subject to all the rules, regu-
lations, constitutions and by-laws hereafter adopted by it,
and the provisions of this Declaration.
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