HomeMy WebLinkAbout0944 B. There shall be two (.2) classes of members, as follows:
(1) C1ass.A Members. Class A Members shall be all
Owners other than the Class B Members. Owners shall automatically be-
come Class A Members upon purchase of a Dwelling Unit in Tarpon Bay
Villas.
(2) Class B Members. Class B Members shall be
Tarpon Bay Villas, a Florida partnership, its designee, successor or
assignee, as Developer of Tarpon Bay Villas.
A member shall have no vested rights, privileges, or in-
terests of, in or to the assets of the association which may be trans-
ferable, inheritable, or which shall continue if his membership ceases..
C. "Developer", "Owner" and any other terms used herein,
and elsewhere in these Articles, are used with the definitions given
those terms in the Declaration of Covenants, Restrictions and Easements
for Tarpon Bay Villas, as amended.
ARTICLE V
BOARD OF DIRECTORS
A. The affairs. of the Association .shall be managed by
the Board of Directors, consisting of not less than three. (3) Directors.
During the period that the Developer has the right to appoint a maj-
ority of the Board of Directors, the Directors need not be members of
~ the Association and need not be residents of the State of Florida.
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Thereafter, all Directors shall be members of the Association and
residents of the State of Florida.
~ (i) So long as the Developer has the right to ap-
point a majority of Directors to the Board of Directors, Class A
Members shall have the right to elect two (2) Directors. Election
shall be by plurality vote and the first election shall be at the
first annual meeting of the Association.
~ (ii) The Directors appointed by the Developer, Class
B Directors, shall serve as Directors. until such time as the Developer
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~ has completed construction of all of Dwelling Units to be located on the
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i lots according to Plat of Tarpon Bay Villas, or for a period of two (2)
years after the recording in the Public Records of St. Lucie County,
Florida of the Declaration of Covenants, Restrictions .and Easements, as
~ amended whichever occurs first.
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