HomeMy WebLinkAbout1296 relinquish control of the Association and shall deliver to the
Association all property of the Unit Owners and of the Association
held by or controlled by the Developer, if applicable, as to each
Condominium operated by the Association including, but not limited
to, if applicable, those items provided for in Section 718.301(4),
Florida Statutes. -
Section 3. In the event of a vacancy occurring on the Board
of Directors, such vacancy shall be filled by appointment by the
Developer, if the vacant position is one the Developer is still
entitled to, or by vote of a majority of all Condominium Unit
' Owners, at a special meeting called for that purpose not later
than sixty (60) days after .the vacancy occurs. Such director
shall serve out the remaining term of the former director.
Section 4. No director appointed or elected by the Developer
may be remove except with the written approval of the Developer
except, however, pursuant to the .terms of Article VII, Section 5
hereof. Directors elected by the Unit Owners other than the
Developer may be-removed with or without cause by the vote of a
majority of all Condominium Unit Owners at a special meeting
called for that purpose or agreement in writing by a like number
of Unit Owners. Any director whose removal has been proposed by
members shall be given an opportunity to be heard at the meeting.
A special meeting of the Unit Owners to recall a member or members
of the Board of Directors. may be called by 10$ of the Unit Owners
-giving notice of the meeting as required for a meeting of Unit
Owners, and the notice shall state the purpose of the meeting.
Section 5. No compensation shall be paid .to directors for
their services as directors. Compensation may-be paid to-a
director in his or her capacity as an officer or employee or for
other services rendered to the corporation outside of his or her
duties as a director. .In this case, however, the compensation
must be approved in advance by the Board of Directors and the
Director to receive such compensation shall not be permitted to
vote thereon. The Directors shall have the right to set and pay
all salaries and compensation to be paid to officers, employees,
agents and attorneys for services rendered to the Corporation.-
, However, no part of the net earnings of the Corporation may inure
to the benefit of any private individual within the meaning of -
§528, Internal Revenue Code of the United States.
~ Section 6. The first meeting of a newly elected Board of
Directors shal be held within ten (10) days of its election at
such place as shall be fixed by the directors at the meeting at
which such directors were elected.
Section 7. Regular meetings of the Board of Directors may
- be held at such time and place in St. Lucie County, Florida, as
shall be determined from time to time by a majority. of the Board
of Directors. Notice of regular meetings of the Board of Directors
shall be given to each director, personally or by mail, telephone
or telegraph, at least five (5) days prior to the day named for
such meeting. In addition, notices of meetings shall be posted
~ conspicuously 48 hours in advance of the meeting for the attention
of Unit Owners. except in an emergency.
- The directors may establish a schedule of regular meetings
to be held in the office of the Corporation and no notice shall
be required to be sent to said directors of said regular meetings
once said schedule has been adopted.
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