HomeMy WebLinkAbout0903 2. ~ E~rovi so. Provid~a ~ hc~w~:v:~r. ih.~ t~~n ti 1 tla~.~ l: ~v~ 1 oper
i~as cu~nF~l~t~:d ~11 of th~ c~nt~.~inE~l:~eed iruNrov~u~~nts .~nd ~:lo:.~,l
the sales of all of tha con~iominiun~ units, ar until on~• (1)
year Yrom the dat~.' the Drclur:~t.ion of Condomini~u~n i•, r~•cc~rcl~ii,
or until tli~ U~vc~loF~~.,r ~lects ~_o t~•rrninat~~ hi:, cont ol ot tt~•~
c;ondou?inium, which~v~r sh~ll first occur~ tt~~ pioce~•din.3z c~f
all me~.~tings of inembers of thL NSS~~ci~~ti~•n sh~ll have no eifact
unl~-ss apE~roved by thc.~ E3o~r~ ot Uir~~t~r~..
' 3. Uir~ctors.
3.1 Mc~mbership. Tt,~ ~fi:~irs of th~ A~sc,ci~ti~~n :.h.:ll be
managc:d by a Board of Uir~ctors whu st?all b~ i~~ember . of t.h~
Association. exc~pting that th~ first Board ot~ L?ire~:toi s shdll
consist of three (3) dir~ctors who netd not b~ iu~mb ~rs ot tr~c
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Association, and ttier~after thc mernbeisliip c,f tl~e B~ar~i ~.h.ill
• consist of not less than fiv~ (5) dirc:ctors. The B~~r~i c,f
, Directors may from time to time increuse or d..creas > ti~~: nun~ber
of ~~c:rsons to s~rv~ on thrc ~oarcl, provided, h~~w~:ver, tf~aL ttie
Board st?a11 consist oi sn odd numb~~r c.f m~mt,ers, an j}~rovia~d,
iurthar, that tollowing the ter~n of of fice ~i the f irst l:oard
i
~ or llirectors, the l~oard sh~ll nc:ver cunsist oi less th~jn five
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~ (5) rnembers. Any increase or decre~sc~ ir~ tt,e number ot ~:~e~n~ers
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~ on the Hoard shall be effectuat~d at least ~hirty (30) ~.~ys
~ prior t~ ~ regul~r annual election of thE B~drd, ar?d suct~ cl,a~ge
~
. in number shall be ~f t ectiv~ as of th~ ~i~t~ oi th~: n~x.t. regul~r
~ election.
~ 3, ~ Election of DirE~ctci s sh~ll be cond~~cted ir? th• ~
:
follovriny mannc:r:
~ (a) Electiun of Uirc:ctors sh~ll t~e hE~ld ~h::
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~ dnnual members' meeting, subject to th~ f>rc~vi:,iuri~~ ~;f
r sub-paragraFh 3.2 (f) hereof.
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_ (b) The Bo~rd uf Directors may~ ~t its ai~cretior?,
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desiynate a nomina ting cornmi tte~ of n~~t l~~ss tt?~J~ chr~~e
_ ~
(3) nor r~or~ thar? fivc- mc~rnbec<,;. Ir, th~, e~ent ttiE~ {
° fioard shall el~ct to desiynat~ such a~.~~nmitt~ e, th~~
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' eooK223 ~r~ 903
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