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HomeMy WebLinkAbout2367 instruments. The oweer designated by such instrument thus becomes a mem- ber oi the Association and the membership of the prior owner is terminated. 4.3 The ehare of a member in the funds and assets of the Association cannot be assigned, hypothecated or transferred in any manner except as an appurtenance to his apartment. ~ 4.4 The owner of each apartment shall be entitied to at least one vote as a member of the AssociatioA. The exact number of votes to be. caet by owners of an apartment and the manner of exercising voting rights ahall be determined by the Byla~vs of the Association. 4. 5 The owner of each apartment shal: also be entit2ed to member- ship in BEACH CLUB COLONY ON THE OCEAN, Tt~TC., a corporation not for profi~ organized and existing under the laws of the State of F1orlda. Such = membership shall be determined in the same ident~cal manner as member- ship by the owners of lots, units or parcels in BEACIi CLUB COLONY. SEC- ; TION ONE, a Subdivision, and shall be governed by the same identical rules, s , I ' ~ regulations, and Bylaws of said corporation. ~ . . ~ 4 ARTICLE V. DIRECTORS ~ - : _ ` 5.1 The affairs of the Association will, be~ managed by a board con- sisting of the .number of directors determined by the B~laws, but not leas ~ ~ ~ then three directors, and in the absence of such determination shall consist ~ of three directors. Directors need not be members of the Association. ~ ~ 5, 2 Directors of the Association shall be elected at the annual meet- ; ~ f ~ ing of the members iri the manner determined by the Bylaw~. Dlrectors nzay ~ ~ ~ ~ be removed and vacanciea on the board of directors shall be filled in the man- ~ ~ ~ . ner provided hy the Bylaws. , ~ ~ 5. 3 The first election of dlrectors sha12 not be held until after the de- ~ ~s3 veloper has closed the sales of all of the apartments of the condominium; or ~ • ~ until developer elects to terminate its control of the condominium, or until ° after January 1, 1976, whfchever occurs first. The directors named in these Nt; < Articles shall serve until the first election of directors, end any vacancies ; ~ in their number occurring before the first election shall be filled by the re- maining directore E:r~ 223 P~GE~b'7 ~;:~y - CAqL'. [LLWANG[R ATTORNEY AT LAW ~r. O. YOX 1~60 iTUART. FLORIDA i~4Y4 ?