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C: The Association shall not have tlie power to purc~~ase a dwelling unit of t~~e condo-
minium except at sales in foreclosure of liens for assessments for common ea-penses, at which
- sales the Association shall bid no more than the amount secured by its lien . 1'his provision
shall not be changed v~~ithout the unanimous approval of the rnembers and the joinder of all
record owners of mortgages upon the condominium .
D, All funds and the titles of all properties acquiz•ed by the ~ssociation ar.d their pro-
ceeds shall be held in trust for the members in accordance ~vith the pi•ovisions of the Decla-
ration of Condominium. these Articles of Incorporation and tlie By-Laws.
E. The powers of the Association shall be subject to and shall be exercised in accordance
«•ith the provisions of the Declaration of Condominium and t}-,e By-La~t~s.
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; AR'I'ICLE IV
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~ :~1EMEiERS
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~ A. The members of the Association shall consist of all of the record owners of dwelling
~ units in the condominium; and after termination of the condominium, shalt consist of those
~=:ho are members at the time of such termination and their successors and assigns.
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§ B. After receiving the approval of the Association required b}~ the Declaration of Con-
f clominium, change of inembership in the Association shall be established Uy recording in the
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~ :'ublic Records of St. Lucie County. Florida, a cieed or other instrurnent establishing a
~ record title to a dwelling unit in the condominium and the delivery to the Association of a
~ certified copy of such instrument. The o~vner desi~nated by such instrument thus becomes
a member of the Association and the membership of the prior owner is terminated .
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~ C. The share of a member in the funds and assets of t}ie Association cannot be assi~ned,
~ hy~pothecatcd or transferred in any manner except as an appurtenance to his dwelling unit.
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~ D. The owner of each dwelling unit shall be entitled to at lcast one vote as a member of
r tne Association . The manner of exercising voting rights shall be d~tcrmined by the ~3y-La~vs
- of the Association. -
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ARTICLE V
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- DIRECTORS
A. The afiairs of the Association will be manased by a board consistin~ of the number of
_ clirectors as determined by the I3y-La~vs, but not less than Ihree (3) directors. and in the
3bsence of such determination shall consist of five (5) directors. Directors need not be mem-
bers of the Associativn.
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~~3 - 3 - s aoK PACE 118 -
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