HomeMy WebLinkAbout1547 Section 4 - Ri hts to Retain Control of the Board of
Adman strat on D rectors an Prov s ona w t Re erence to
Trans er o on ro
A. Control: When unit owners other than the developer own
fifteen percent (158) or more of the units that will be operated
ultimately by the association, the unit owners other than the deve-
loper shall be entitled to elect not less than one-third of the mem-
bers of the Board of the association. Unit owners other than the
developer shall be entitled to elect not less than a majority of the
members of the Board: (a) three (3) years after sales by the deve-
loper have been closed on fif ty percent ( 508 ) of the units that will
be operated ultimately by the association, or (b) three (3) months
after sales have been closed by the developer on ninety percent (908)
of the units that will be operated ultimately by the association, or
(c) when all of the units that will be operated ultimately by the
association have been completed and some of thew have been sold and
none of the others are being offered for sale by the developer in the
ordinary course of business, or (d) when some of the units have been
conveyed to purchasers and none of the others are being constructed or
offered for sale by the developer in the ordinary course of business,
whichever shall first occur. The developer shall be entitled to elect
not less than one member of the Board of .the association as long as
the developer holds. for sale in the ordinary course of business not
less than five percent (58) of the units in the condominium operated
by the association.
B. Notice: Within sixty ( 60) days after the unit owners
other than the developer are entitled to elect a member. or members of
the Board, the association shall call and give not less than thirty
(30) days' nor more than forty (40) days' notice of a meeting of the
unit owners to elect members of the Board. The meeting may be called
and the notice given by any unit owner if the association fails to do
so.
XIX. Parking and Storage
Section 1 -Assignment of Parking Spaces
The developer shall establish the parking plan and in connec-
tion therewith shall allocate and assign two (2) parking spaces to
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