HomeMy WebLinkAbout0697 Class A. Class A members shall be all those awriers as defined
in Section 1 with the exveptirn of the Develo~er. Class A m~ers shall be
entitled to ane wte for each Lot or Living l~it in whict~ they hold the in-
terests req~ired for membership by Section 1 of this Article. V~en m~re than
rne person holds such interest or int~erests in any L~t or Living Unit, all
such persans shall be members, and the wte for such Lot or Living ifiit shall
be ex~xcised as they azrong theinselves cletermine, but in no ev~nt shall rmre
than one vote be cast with respect to any such Lot or Living Unit.
Ctass B. C1ass B m~s~ers shall be t-he Developer. Zfie C1ass B
. member shall be entitled to three v~otes for each Lot in which it holds the
int,erest Y~equirec: for me~nbership bY Secti.cn 1 of this Article and for every
Living tlnit a~med by it until such Living Unit is first sold or leased, pro-
vided that the Class B membership shall oease and beQat~e oonverted t~o Class A
MembeY'Ship ot1 ~'le h~~'n i nc~ of atly of ttlc follawilZg eVellts ~ whic~heV~er oCCt~s
earlier:
(a) Vr~en the total wtes outstanding in the Class A
membership equal. the total votes outstar~ding in the Class B membership; or
(b) Ll~on the sale of 245 of the ha~s in the lots.
as listed in Schedule "A" attached h~reto. '
- Fran and after the happening of these events, whichever oocurs
; earlier, the Class B meqnber shall be de~ned to be a Class A m~nber entitled
4 t~o one wt~e for each Lot or Living Unit in which it holds t~ye interests re-
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~ quired for m~~ership und~er Section 1 of this Article .
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f L.i.kewise, upon the happening of these events, whichever ooc-'urs earlier,
~ or at such earlier date as the Dev~loper maY deteYmi.ne, a special meeting of
r~bers Shall be called for the puYpose of electing offioers and directors, the
then offioers and direct~ors shall su?mit their writt~n resic~ations, the Class A
members shall elect their a~m offioers and directors and assune oontrol of the
~ oorporatian. Provid~ed, Yiaw~e~~er, that so long as General Dev~elog~nt Corporatian
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~ is the aaner of ane Lot or Living Unit in the said subdivision, it shall be en-
~ t.itled to elect one m~nber of the Board of Directors.
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For purposes of determi.ning the votes alluaed under this Section, when
~ Living Units are cotmtsd, the Ivt or Lots t~cxz which such Living Units are situa-
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~ ted shall not be ootuzted.
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~ Section 3. Q~a~orum. ~coept as provided in Article V, Sections 5 and
~ 6 hereof, the prese.zce at any regular or special meeting of inembers entitled to cast,
~ or of proxi.es entitled to cast. one-third of the vcmbinecl wtes of both Classes
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~ 600K 28~ PAGE 69V
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