HomeMy WebLinkAbout1000 shall be entitled to elect one-third (1/3) of the
members of the Board of Directors.
(3) Unit owners other than the Developer shall be
entitled to elect not less than a majority of the
members of the Board of Directors when the first of
the following occurs:
a. Three (3) years after sales gave been closed by
the' Developer on fifty (50$) percent of the
units in tl~e Condominium; or .
b. Three (3) months after sales have been closed
by the Developer on ninety (90$) percent of the
units in the Condominium; or
c. When all of the units in the Condominium have
been completed, some of them sold, and none of
the others are being offered for sale by the
Developer in the ordinary course of business;
d. iahen Developer elects to terminate its control
of the Association.
So long as the Developer holds for sale in the ordinary
course of business at least one (1) of the units in the
Condominium, the Developer shall be entitled to appoint not less
than one (1) member of the Board of Directors.
Section 4. Within sixty (60) days after unit owners other
than the Developer are entitled to elec~ one-third (i/3) of the
Directors, the Association shall call, ar~d give not less than
thirty (30) days nor more than forty (40) days notice of a meeting
of the unit owners for this purpose.-
Section 5. The Developer shall be entitled at any time to
remove or replace any Director originally selected by the
Developer. T}ie rights to appoint any one or more of the Directors
it is entitled to appoint.
Section 6. Any employee or agent of a business entity
owner, such as Developer, shall be eligible to serve as a
Director of the Association. The Directors }~erein named shall
serve until the first election of Directors and any vacancies in
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their number occurring before the first election shall be filled
by the Developer.
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Section 7. All officers shall be elected by the Board of t
Directors in accordance with the By-Laws at regular, annual
meetings of the Board of Directors, to be held immediately
following the annual meetings of the membership. The Board of
Directors shall elect a President, Vice President, Secretary,.
Treasurer, and such other officers as it shall deem desirable,
consistent with the By-Laws. The President shall be elected from
among t}~e Board of Directors; no other officer need be a
director.
Section 8. The following persons shall constitute the first
F3oard of Directors, and shall mold office and serve unti 1 removed
or until their successors are electe~~ at t}ie first reyular meeting
of the members:
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