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At the C~essatio~n ot Dev~elo~ment, the follvwinq shall be ~he By-I~ws
9r~v~erning the cyperatior~ of the Asaociation which is then activat+ed; priar t~
the Cessatian of Dev~elagn~t, subject to the e~aoegtians set out h~sein ar~d in
~e Declaratiari of C~cnr~aminiua, these By~-Laws shall apply bo the Qor~niniun
Pr~~ertY• the O~ss, and the Dev~eloper as set out in the Declaratian of
Oondaninitin.
BY-I~FTS
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VENIZII~ OVr AT INDIAN RIVEtt~ INC. ~ a~ID~IIVIiM
AKrICGE 1. I~ITY
The follvwing By-Laws shall govern the operatian of the no~x3aminitan
la~own as VII~T1~2E OVr AT II+IDIAN RIVIIt, IlJC. , a C~ondami.niun, describeci arxl nam~e~d
in the Declaratiai of Qoc~d~oa~iniun, bo which these By~-I~ws are attached; VH~TIURE
atTP AT II~IDIAN R[VER, INC. , a Oo~daniniun, beinq a Florirda Oorpo~ration .not fa~ ~
profit, o~qanized and existing pursuant t~ C~ap~ter 711, Flarida Statutes, i965,
la~own as the Cjoc~aminium Act. AlZ of the wards used herein shall hav~e the same
definitia~s ooritained in sai.d Declaratian unless the use ther~of clearly other-
wise requi.res.
Seckioci 1. '1"he offi.ve of the As.sociati~oc~ shal,l be at the Pro~erty,
or at su~ch othes plaoe as maY be suL~Se~que~~t1Y desi9natea by the Bo~ar~d.
• Sectio~n 2. l~s u~ed herein, the taord "Cbrporatian," shall be the .
equivalent of "Association," as definc~d in the Declaratian to which these By-Laws
are attached. .
ARTICZE 11. N~IIP Ai~ID VVrIl~iG P2~VISIC~I,S
Sec.-tion 1. The Oosporation shall not issue strodc ar oertif ieates .
Section 2. Manbership in the Qorporatioci stsall be litnited bo Owr~xs ~
of Units, as identified in the Declaratian. Transfer of Unit aat~xship, either
voluntaYy ar by operati~ of l,aow, s~all t,e~rminate m~anbership in the Oo~poration,
said iaanbership will beame vested, iri the transferee. If Unit ownership is
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