HomeMy WebLinkAbout2003 ARTICLE III
MEMBERSHIP AND VOTING RIGHTS IN THE ASSOCIATION
• ' ~
~
. I
Section 1. Membership. Every person or entity who is a
record owrier of.a tee or undivided fee interest in any Living Unit
which is subject by covenants of record to asses$ment by the
Association shall be a member of the Asaociation, provided that
any su~h person or entity who holds such interest merely as a
security for the performance of an obligation shall not be a member.
Section 2. Voting Rights. The Association shall have two
~
classes of voting membership. ~
i
:
Class A. Class A members shall be all those owners as `
.
defined in Section 1 with the exception of the Deve~loper. Class A
members shall be entitled to one vote for each Living Unit in which
they hold the interests xequired for membership by Section 1 of this
Article. When more than one person holds such interests or interests
in any Living Unit all such persons shall be meanbers, and the vote for
such Living Unit shall be exercised as they among themselves determine,
but in no event shall more than one vote be cast with respect to ariy ~
such Livinq Unit.
Class B. Class B membe=s shall be the Developer. The
Class 8 member shall be entitled to three votes for each living unit
in which it holds the interest required for mem~~,rship by Section 1
of this Article until such Living Unit is first sold or leased,
~
provided that the Class B membership shall cease and become converted
~ to Class A Membership on the happening of any of the followinq events,
~
~ ~ .
R
~ whichever occurs earlier:
~ -
~ (a) when the total votes outstanding in the
~ Class A Membershi e ual the total votes outstanding in the Class B
~ P 4
~ membership; or
~
;
` (b) on January 1, 1984
~ .
; From and after the happening of these events, whichever occurs
a
s earlier, the Class B member shall be deemed to be a Class A member
3
; entitled to one vote for each Living Unit in which it holds the
~
}
~ interests required for membership under Section 1 of this Article.
~
~ -
~
~
~ -4- ~00 ~ PA~~
~
~
~ u ~~i ~
r }
~