HomeMy WebLinkAbout0668 ARTICLE IV
~ MEMBERSHIP
. s^he qualification of inembers, the manner of their ad-
mission and ~oting by mei~ers shall be as follows:
1. This~corporation shall be organized without capital
stock nor shall the corporation have or issue shares of stock.
No diva.dends shall be paid, and no part of the income of the
corporation shall be dist~ibuted to its members, directors or
officers, except, however, the corporation may pay compensation
in a reasonable amount to its members, directors and officers
for services rendered.
2. All unit owners of condominium parcels, together with
the owners of_the unimproved building sites upon which the con-
dominium apartments are to be constructed, shall be members of
the corporation and no other persons or-legal entities shall be
entitled to membership.
3.. Membership in the corporation shall be established by
one of the two following methods:
~ a. The owners of the unimproved building sites upon
which a condominium shall be constructed and of the
unsold units, shall~be members of this,corporation.
~ b. Other persons shall become members of this cor-
i poration by the recording in the Public Record
~ of St. Lucie County, Florida, of a deed or other
~ instrument establishing a change of record title
~ to a condominium parcel whereby the devisee,
~ heir, grantee, lessee or assignee becomes the
owner of the fee simple title to said condominium
- parcel or to the building site in the condominium
or the holder of the ninety-nine year lease to
said site or condominium, and upon the delivery
to the corporation of a certified copy of such
instrument, the new owner designated by said
instrument thereby-becomes a member of the
corporation and the membership of the prior
owner shall at that time be terminated.
4. The interest of any member in any part of the real
property or in the funds and assets of the corporation cannot be
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~ conveyed, assigned, mortgaged, hypothecated or transferred in any
manner, except as an appurtenance to the condominium parcel or
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