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Home My WebLink About1314 1 Z i i f of the Declaration of Condominium and the Exhibits thereto which ~ govern the use of the land to be operated and administered by this Corporation. ARTICLE IV MEMBERSHIP - ~ } The qualification of members, the manner of their 4 admission and voting by members shall be as follows: ~ 1. This Corporation shall be organized without capital stock. The Corporation shall not have or issue shares of stock. No dividends shall be paid, and no part of the income of the Corporation shall be distributed to its members, directors or officers, provided, however, that the Corporation may pay reasonable compensation for services rendered as elsewhere herein provided. 2. All owners of Condominium Units together with the owners of the unimproved building sites upon which the Condominium i Units are to be constructed shall be members of the Corporation and no other persons or legal entities shall be entitled to - membership subject, however, to the provisions of the Declaration of Condominium. 3.~ Membership in the Corporation shall be established by one of the following methods: - i a. The owners of the unimproved building sites upon which condominiums are to be i constructed and of the unsold Condominium '4 Units shall-be members of this Corporation. b. Other persons shall become members of E this Corporation by the recording in the Public-Records of St. Lucie-County, Florida, of a deed or other instrument establishing a change of record title to a Condominium Unit whereby such person becomes the owner of the -fee simple title to said Condominium Unit or to such unimproved building site. Upon .the delivery to-the secretary of the Corporation of a certified copy of such instrument, the .new owner designated by said instrument shall become a member of the Corporation and the membership of the prior owner shall terminate. y 4. The interest of any member in any part of the real ~ - property or in the funds and assets of the Corporation cannot be conveyed, assigned, mortgaged, hypothecated or transferred in any s -3- gooK302 FA~~i314 - w.