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Home My WebLink About0144 Class A. C1ass A me~mbers shall be all tho.5e aaners as defined in Sectirn 1 with the exveptiori of the Oev~el.oper. Class A m~nbers shall be entitled to one wte for each Lot or Living ~it in which they hold the in- ~ terests required far ~rship by Section 1 of . this Art.icle . Wh~ m~re than , one person holds such interest or interests in any Lot or Living ~it, all suc~i perscns sha],1 be a~nbers, and the wte for sudi Iat or Living illit shall be e.~aercised as they atrong ttx~lv~es c3etezmine, but in no event shall more than ane wte be cast with respect to any such Lot or Living ~it. + Class B. Class B~bers shall be the Developer. Zl~e C1ass ; B m~nber shall be entitled to t,hr~e votes for eac~ Lat in which it ho~ds the interests required for membership by Sectirn 1 of this Article and for evexy Living ihit vwned by it untiT such Livi.ng i~it i.s first sold or le.ased, pro- ~ , vided that th~e C1ass 8~ership` shall vease and beocme vonv~ert~ed to Class A j Memt~ership on the ha~pening of any of the follawing events, whichevpx occurs earlier: (a) Wtien the total wtes outstanding in the Class A ! ~ership equal the total v~tes outstanding in the Class B mantaership: or ~ ~ (b) Upon the saZe of 130 of the hanes in the lots, as ! listed in Schedule "A" attached hereto. - i Frcm and affier the happ~ing of these ev~ents, whichever occurs ~ t ~ F earlier, tli~e Class B manber shall be cLeei~d t~o be a Class A mPmUer entitled ~ . ~ to rne vote for each Lot or Living i~it in whic3~ it holds the interests re- ~ ~ quired for mem~rship imder Sectirn 1 of thi.s Article. ~ ? Likewise, upon the hapnaiing of these events, whichever occurs ~ ; . earlier, or at such earlier ciate as tt~e Develo~x may deternune, a special meet- : f t ing of ine~rs st~all be called for the puYp~se of electing offioers and directors, ; i the then offiaers and directors shall sutmit their writtQa~ resic~ations, the ; Class A n~mbers shall.elect their cxan offiaers and directors and ass~nre oantrol of the a~Yporation. Pravided, hvwever, that so lrng as General Dievelopnient ~ , x CoYporation is the aaner of ane Lot ar Living Unit in the said subdivision, it ~ t . ~ shall be entitled to elect rne ma~r of the Board of Directors. ~ Fbr tYye purpoees of detexmining th~e vot,es allc~wed ~der this Sectirn, wh~ Living Ikiits are oointed, the Lat or Iats ~ which such Living ~ L~its ate situated shall not be voznted. Sectiori 3. Quonm. Exoept as pro~vided in Article V, Sections 5 and ~ 6 hereof, the presenoe at any regular or special meeting of m~snbers entitled tA cast, ' or of pmxies entitled to cast, rn~third of the aoR~ined wtes of bvth Classes ~ - p~ 5- 6vox 2S6 PaCE 1~~ - . _ . . : . _ _ _ , ~