HomeMy WebLinkAbout0047 ?..9 'r'roviso. ~rovided, however, that until the Developer
has completed alt of the c~ntemplated imp~ovements .~nd closed
the sales of all of the c~ndomznium units~ or until one (1)
year from the date the Declaration of Condominium is recoTded,
or until the Developer elects to ~erminate his control of the
Condominium, ~vhichever shall first occur, the ~oceedings of
all meetings of inembers of the Association shall have no effe~t
~nless approved by the Board of Uirectars.
3. Directors.
3.1 Membership. The affairs of the Association shall be
managed by a Board of Directors who shall be members of the
_ Association, excepting that the first Board of Directors shall
consist of three (3) directors whU r.~t be members of the
Association, and thereafter the mem~~is~ip ~f the Board shall
consist of not less than five (5) directors. The Board of
Directors may from time to time increase or decrease the number
o~ persons to szrve on the Board, provided, however, that the
Board shall consist of an odd number of inembers, and provided,
further, that following the te~m of office of the first Board
of Directors, the Board shall never consist of less than five
(5) members. Any increase or decrease in the number of inembers
on the Board shall be effectuated at least thirty (30) days
~ rior to a re ular annual election of the Board, and such change
~ p 9
~ in number shall bP effective as of the date of the next regular
~
r
~ elec±ion.
3.2 Election of D~rectors shall be c~nduct~d in the
following manner:
~ (a) Election of Directors shall be held at the
~ annual members' meeting, subject to the provisions of
~
sub-paragraph 3.2 (f) hereof.
(b) The Board of Directors may, at its discretion,
~ designate a nominating committee of not less than three
~ (3) nor more than five (5) members. In the event the
~
~ Board shall elect to designate such a commit±ee, the
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