HomeMy WebLinkAbout0106 apartments to be governed by the Condominium Association, Devel-
oper shall have the right to appoint two (2) of the three (3)
merabers of the first Board of Directors, and memb~rs of th'e Con- ~
dominium Association shall be entitled to elect the remaining
member at a special members' meeting. Within three (3) months after
the Developer has conveyed title to at least 90$ of the apart-
ments to be qoverned by the Condominium Association, the Developer
will cause one of its-two appointed representatives on the Board '
of Directors to resign, thereby relinquishing its control of the
Board of Directors, and the members of the~Condominium Association
shall elect a replacement director at a special members' meeting.
Within one month after the Developer has conveyed title to at
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least 100$ of the apartments to be governed by the Condominium
Association, the Developer will cause its remaining representative ~
on the Board of Directors to resign and the members of the C~do-
m~nium Association shall elect a replacement director at a special
members' meeting. Said replacement directors shall serve until
the "first effective annual meeting" of the membership. The Developer
may at any time relinquish its right to appoint directors and
cause its representatives to resign as directors.
3. Membership of all Boards elected subsequent to the
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s d of leven 11 directors
first Board of Directars shall be compo e e
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f elected by the members from the membership at their annual meeting.
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~ - ARTICLE IX.
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~ The By-Laws of the Condominium Association shall be
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~ adopted by the Board of Directors and ma~ be amended, altered
; . or rescinded by a majority vote of such Board prior to the relin-
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E quishment of control of the Board by the Developer. Thereafter,
` the By-Laws shall be amended, altered or rescinded by a three-fourths
; vote of the members of the Condominium Association in the manner
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