HomeMy WebLinkAbout0131 (b) Recall of Directors and Revision of Budget.
(i) . Special membership meeting . If a budget is adopted by the Board of
Directors which requires assessment against unit owners in any year exceeding one
hundred and fifteen (115$) percent of such assessments for the preceding year. as
hereinafter defined, upon written application of ten (10$) percent of the unit owners,
a special meering of the unit owners shall be held within thirty (30) days of delivery
of such application to the Board of Directors or any member thereof , The notice of said
meeting shall state the purpose of the meering being to consider and enact a revision of
the budget or to consider and enact the recall of any and all members of the Board of
Directors and to elect their successors.
(ii) Recall of Directors. During such period as Developer shall have the
right to elect a majority of the Directors of the Associarion. recall of any and all mem-
r bers of the Board of Directors elected by any condominium shall require the affirmative
; vote of all of the unit owners of such condominium. Subsequent thereto, the recall of
~ any ~nd all members of the Board of Directors elected by any condominium shall re-
~ quire the affirmative vote of not less than seventy-five (75$) percent of the unit owners
~ of such condominium .
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~ (iii) Revisian of Budget. During such period of rime as the Developer
~ shall have the right to elect a majority of the Directors of the Association, a revision of
r the budget adopted by the Board of Directors shall require the affirmative vote of all
~ the unit owners of such condominium. Subsequent thereto, the revision of the budget
~ adopted by the Board of Directors shall require the affirmative cote of not less than
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~ seventy-five (75 0) percent of all unit owners .
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~ (c) Proviso. So long as Developer is in control of the Board of Directors of
~ the Association, such Board sh~ll not impose an assessment for a year greater than
~ one hundred and fifteen (115$) percent of the prior year's assessment, as hereinafter
~ defined. without the approval of a.majority of the unit owners.
~ (d) Approval of Budget by blembership. Notwithstanding the foregoing, the
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~ Board of Directors may, in any event. propose a budget to the unit owners at a meet-
= ing of inembers or by writing and if such budget or proposed budget be approved by
the unit owners at the meering or by majority of their whole number by a writing, such
budget shall not thereafter be re-examined by the unit owners in the manner herein-
- above set forth, nor shall the members be entitled to recall any Board members in the
manner hereinabove set forth.
- (e) Budget Requiring Assessments Against Unit Owners Exceeding One
~ Hundred and Fifteen (115$) percent of Assessments for the Preceding Year. In de-
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~ termining whether a budget requires assessment against unit owners in any year ex-
- ceeding one hundred and fifteen (115$) percent of assessments for the preceding year,
there shall be excluded in the computarions any provision for reasonable reserves made
~ .
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