HomeMy WebLinkAbout2282 said maintenance and operation. The corporation shall have
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no interest in any funds received by it through assessments
from the owners of individual condominiwn parcels (apartment
units) except to the extent necessary to carry out the powers
vested in it as agent for said members. ~
2. The corporation shall make no distribution of income
to its members, directors, or officers, and it shall be
c~za~.~cted as a non-prof it corporat ion .
3. Any funds held by the corporation from its-receipts,
over and above its cosnmon expenses shall be known as the common
surplus of the corporation and the same shall be held for the
use and benefit of the members in proportion to the percentage
of their ownership in the li.mited and general common elements
of the condominiwn.
4. Upon termination of the condominium and dissolution
or final liquidation of this corporation, the distribution to
~ the merabers of this corporation of the common surplus in
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~ proportion to the percentage of their ownership in the limited
and general common elements shall not constitute or be deemed
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to be a default or distribution of income.
ARTICLE XI
_ INDEMNIFICATION
Every director and every officer of the corporation shall
be indemnified by the corporation against all expenses and
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liabilities, including counsel fees, reasonably incurred by
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or imposed upon him in connection with any proceeding to
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~ which he may be a party, or in which he may become involved, '
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- LAW OFFICES BART L. GOHEN, CITY NATIONAL BANK 9Utl,O1NG, MIAM1~ FLORI~A
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