HomeMy WebLinkAbout1501 on such matter. The Chairman of the meeting shall call for nominations for
Inspectors of Election to collect and tally written ballots upon the completion
of balloting upon the subject matter.
Section 4. Board of Directors; Directors' Meetings
4.1 The form of administration of the Association shall be by a Board of
Directors . At no time shall there be less than three (3) Directors on the
Board .
4.2 The election and, if applicable, designation of Directors shall be
conducted in accordance with the Articles.
4.3 Subject to Section 4.5 below and to the Developer's rights set forth
in Section 4.5(c) below, vacancies in the Board shall be filed by persons
elected by the remaining Directors. Any such person shall be' a Director and
have all of the rights, privileges, duties and obligations as a Director elected
at an Annual Members Meeting and shall serve for the term prescribed in
Section 4.4 of these By-Laws .
4.4 The term of each Director's service shall extend until the next
Annual Members Meeting and until his successor is duly elected and qualified,
or until he is removed in the- manner elsewhere provided herein.
4.5 (a) A Director elected by the "Purchaser Members", as provided in
the Articles, may be removed from office upon the affirmative vote or the
agreement in writing of a majority of the Purchaser Members at a special
meeting of the Purchaser Members for any reason deemed by the Purchaser
Members to be in the best interests of the Association. A meeting of Pur-
chaser Members to so remove a Director elected by them shall be held, subject
to the notice provisions of Section 3.5 hereof upon the written request of ten
(10$) percent of the Purchaser Members. However, before any Director is
removed from office, he shall be notified in writing that a motion to remove
him will be made prior to the meeting at which said motion is to be made, and
such Director shall be given an opportunity to be heard at such meeting
should he be present prior to the vote on his removal.
(b) Purchaser Members shall elect, at a special meeting or at the
Annual Members Meeting, persons to fill vacancies in the Board caused by the
i removal of a Director elected by Purchaser Members in accordance with Section
4.5(a) above.
s
P (c) A Director designated by the Developer, as provided in the
Articles, may be removed only by the Developer in its sole and absolute
discretion and without -any need for a meeting or vote . The Developer shall
have the unqualified right to name a successor for any Director designated
fi and thereafter removed by it or for any vacancy on the Board as to a Director
designated by it, and the Developer shall notify the Board as to any such
removal or vacancy, the name of the respective successor Director and the
1 commencement date for the term of such successor Director.
4.6 The organizational meeting of a newly elected Board shall be held
within ten (10) days of their election at such place and time as shall be fixed
by the Directors at the meeting at which they were elected. No further
notice of the organizational meeting shall be necessary .
4.7 Regular meetings of the Board may be held at such time and place
= as shall be determined from time to time by a majority of Directors. Special
meetings of the Board may be called at the discretion of the President or the
z
J:
M
5
S«7
R 304 ~ 1499
BACK A~.
'r~
_