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of the Declaration of Condominium and the Exhibits thereto which
govern the use of the land to be opera±ed and administered by
this Corporation.
ARTICLE IV
MEMBERSHIP
The qualification of members, the manner of their
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
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:
~ a. The owners of the unimproved building
sites upon which condominiums are to be
~ - constructed and of the unsold Condominium
Units shall be members of this Corporation.
b. Other persons shall become members of
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
g 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.
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4. The interest of any member in any part of the real
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property or in the funds and assets of the Corporation cannot be
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conveyed, assigned, mortgaged, hypothecated or transferred in any
- 3 BOOK 321 PAGE~,~2