HomeMy WebLinkAbout2668 (b) Any action by this Association that would be detrimental
to the sales of-Units by the Developer; provided, however, that
an increase in assessments for Common Expenses without discrimina-
tion against the Developer shall not be deemed to be detrimental
to the sales of units.
Prior to, or not more than 60 days after, the time that Unit
Owners other than the Developer elect a majority of the members
of the Board of Directors of the Association, the Developer shall
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, otherwise by vote of a majority of the remaining
directors. 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.
3
Section 6. The first meeting of a newly elected Board of
Directors shall 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, except in an emergency, notices of
I
s
-5-
{ @OO~t~~G~ PAGE~4