HomeMy WebLinkAbout0366 person or entity who holds such inte~est merely as a security for the perForma~ce of any obligation
shall not be a member, Once o Lot is improved by the const~uction the~eon of a Dwelling Unit
or Dwellinc~ Units, membership shall thereafter darive in respect of such Dwelling Unit or D~velling
Units and no longer in r~specfi of such Lot, for such period of time as the Dwelling Unit or Dwelling
Units shall remain upon the Lot.
Section 2. Voting Rights, The Association shall have two classes of voting
memberships, Until J~nuary 1, 1979, there shall be 4,500 votes in ~espect oF memberships entitled
to be cast, h1embers entitlement to vote shal! be as follows: --s}
Class A. Class A members shall be all those owners entitled to membe~ship
as defined in Section 1 with the exception of the Develope~. Class A members shall be entitled
to one vote for each Lot or Dwelling Unit in which they hold the interests ~equired for membership
by Section 1 of this Article. N~hen more than one person holds such interests or interests in any
Lot or Dwelling Unit all such persons shall be memb~rs, and the vote for such Lot or Dwelling Unit
shc~ll be exercised as they among themselves determine, but in no event shall mo~e than one vote
be cast wifi~ respect to any such Lot or n~velling Unit. '
Closs B. Ciass B members shall be the Developer. 7he Developer shall be~
eniitled to cast that r~~mber of votes in every matter brought before the Associntion to be consid-
i
i
~ ered 'by ~he membership equnl to the greater of the following number of votes: i) 4,500 ess
` the n=~m~°r of Class A~nembership votes entifiled to be ccst or (ii) the numbe~ of votes the Developer
i
! would be entitled to cast in respect to the number of Lots and Dwelling Units owned by the Developer
.
~ weretheDeveloperaClass A member. Class B membership shali cease and the Developer s~iall
~
become o Class A member entitled to one vote per Lot or Dwelling Unit in the case of im~roved lots,
on the happening of any of the following events,whichever first occurs:
~ (a) Upon th~ m~mber of Class A votes equalling 2,000 (or more); ~
(b) On Jonuary I, 1980; or,
(c) Upon the Developer executing ~ relinquisfiment in writing ~f its rights
~ to Class B membership.
~
~ From and ufter the hoppening of these events, whichever occurs earlier, the Developer shall be
- deemed a Class A member entitled to one vote for e~ch LoT or Dwelling Unit in tne cuse of im-
proved lots, in which it hol~is the interest ~equired for membership under Section I oF this Article.
~~229 Q+~ ~
,...,-ec 1,L~.i•:P.O \!.~v~~CS. I:Y;O it~l•ikc.w:t F:~L-.. :!~°.?t:. iici?I~! 3i131 TEIFP':1;7~:[ 3~P~-.. i,..,
' : - - - - ~ - - i ~
~
3~ ~ ~ ~ ~
. r~~~*-.~~.~°._ ~a-, ~V.~: