HomeMy WebLinkAbout0135 CLASS A. Class A members shall be all those owners as defined in
Section 1 with the exception of the Developer. Class A members shall be
entitled to one vote fo~ each Lot or ~iving Unit in which they hoid the interests
required for membership by Section 1 of this Article. When m~re than one
person holds such interest or i~terests in any lot or Living Unit, all such
persons shall be members, and the vote for such Lot or Living Unit shall be
exercised as they arn~ng themselves determine, but in no event shall more than
one vote be cast with respect to any such Lot or Living Unit.
CLASS B. Class B members shall be the Developer. The Class B member
~shall be entitled to three votes for each Lot in which it holds the interest
~equired for membership by Section 1 of this Article and for every Living Unit
owned by it until such Living Unit is fi~st 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 following events, whichever occurs earlier:
(a) When the total "votes outstanding in the Class A membership
equal the total votes outstanding in the Class B membership; or
(b) Upon the sale of 376 of the homes in the lots, as listed in
" Schedule "A" attached hereto.
From and after the happening of these events, whichever occu~rs earlier, '
o~ at such earlier date as the Developer may determine, a special meeting of
members shall be called for the purpose of electing officers and director.s,
i the then officers and directors shall submit their written resignations, the
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~ Class A members shall elect their own officers and dirECtors and assume control
~ of the corporation. Provided, however, that so long as General Development
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Corporation is the owner of one Lot or Living Unit in the said subdivision, ~
it shall be entitled to elect one member of the Board of Directors.
~ For pu~poses of determining the votes allowed under this Section, when
Living Units are counted, the Lot or Lots upon which such Living Units are
~ situated shal) not be counted.
~ SECTION 3. QUORUM. Except as provided in Article V, Sections 5 and
~ 6 hereof, the presence at any regular or special meeting of inembers entitled
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to cast, or of p~oxies entitled to cast, one-third of the combined votes of
~ both Classes of inembership shall constitute a quorum for any action gove rned '
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~ by the Articles of Incorporation or by the Bylaws of this Corporation.
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~ ARTICLE IV - PROPERTY RIGHTS
~ IN TNE COMMON PROPERTIES
SECTION l. MEMBERS' EASEMENTS OF ENJOYMENT. Subject to the provisions
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~ of Section 3, every Member subject to assessments as provided in Article V~
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~ - 4 - 6'~~K?9Z ~A~E 135
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