HomeMy WebLinkAbout0681 ~
~ ' 4
i
may pay compensation in reasonable amounts to its members, directors,
or officers, for se=vices, including pensions. No compensation shall
be paid to directors for their services as directors. However, cotn-
pensation may be paid to a director in his or her capacity as an
officer or employee or for their services rendered to the corporationj
f
outside of his or her duties as a director. In this case, however, ~
said compensation must be approved in advance by the Board of DirectoX
~ and the director to receive said compensation shall not be permitted
,
to vota on said compensation. The directors shall have the right ~o
set ar.d pay all salaries or compensation to be paid to officers, empl
or aqents or attorneys for services rendered to the corporation.
E. Al1 funds and title to all interests in property acquire
s
by the corporation, whether fee simple or leasehold or otherwise, and '
the proceeds thereof shall be held in trust for members of the corpor-
ation.
~ F. The corporation shall not be authorized to make any
unreasonable accumulations ot cash or assets as determined by the
Internal Revenus Code or the rules and regulations pursuant thereto. ~
- s
;
G. The corporation may sell arinual social memberships to
- the beach club dining room, golt and tennis facilities to non-members ~
of the corporation under such terms as are deented advisabls.
H. The corporation may act as collecting agent for condo-
! minium associations and collect their assessments.
~
6
~ ARTICLE IV
Metabership _ ;
Qualification of inembers, the manner ot their adraission
and voting by members shall be as follows:
_1. The members of the corporation shall be:
(a) The developer of Ocean Village of Hutchinson
Island which_is Hutchinson Island Limited Partnership, its successors
~
~ or assigns: and
~ (b) Any and all owners of lots, condominium parcels or ~
~
other fee interests in the Property subject to that certain Declaratio
~
~ of Covenants and Restrictior,s for Ocean ~illage of Hutchin~~n Island
. c.a/
~ recorded in the land records of St. Lucie County, Florida, at- ~"~~s
; Book !3 / page /•5 ~D,
~
~ 2. The interest of any member in any part of said Proper=y
or in the fun~s or assets of the corporation eannot be conveved,
~ - 3 - a00N P+i1~E 1i~~
- - - -
~ ~ ~ <
~ r~~,.
~ . ~
L_ _ . ~ _