HomeMy WebLinkAbout0211 ii
_ i
to provide for the enjoyment, recreation or other
- use or benefit~of its members, to declare expenses
in connection therewith to be common expenses, and
to adopt covenants and restriction relating to the
use thereof;
(o) To purchase Parcels in the Subdivision
and to acquire and hold, lease, mortgage and
convey the same, subject, however, to the provisions
of the Declaration and Bylaws relative thereto.
3.3 Assets Held in Trust. All funds and properties
acquired by the Association and the proceeds thereof shall
be held in trust for the members in accordance with the
~ provisions of the Declaration, these Articles of Incorporation
and the Bylaws of the Association.
3.4 Limitation on Exercise of Powers. The powers
I of the Association shall be subject to and shall be exercised
i" 1
in accordance with the provisions of the Declaration and the I
Bylaws of the Association.
'i
ARTICLE FOUR
:I
?I ~SF•MBERS
I~
4.1 Members. The members of the Association
I~
shall consist of all of the record owners of Parcels in the
li
Subdivision from time to time. I
G 4;
~ 4.2 Change of Membership. Change of membership
1?
i i in the Association shall be established by the recording in
~ i, the Public Records of St. Lucie County, Florida, of a deed
~ I'
~or other instrument establishing a change of record title to
~;a Parcel in the Subdivision and the delivery to the Association
i
of a copy of such instrument. The Owners designated by such
i~
instrument thereby automatically becomes a member of the
•
~~Association and the membership of the prior owner is terminated.
i
Ij 4.3 Limitation on Transfer of Shares of Assets.
The share of a member in the funds and assets of the Association
i(
cannot be assigned, hypothecated or transferred in any
manner, except as an appurtenance to the member's Parcel.
i 4.4 Voting. There shall be only one class of
:,~MMER 8 fRns1ER, 'voting ownership . The owner of each Parcel shall be entitled
o. a
A TT011METS AT lAw
=osT orr~a wx nN _ 4
STVAIIT,iLOApA »N~
1781 lp-II~7
a~~K 319 P~~F 211