HomeMy WebLinkAbout1119 benefYt of the individual owners of the Condominium Units as
the agent of said Owners.
2. To carry out all of the powers and duties vested in
it pursuant to the Declaration of Condominium and the By-Laws and
regulations o~,the Condominium.
3. The Corporation shall be authorized to exercise and
enjoy all of the powers, rights and privileges granted to or
conferred upon corporations of similar character by the provisions _
of Chapter 617, Florida Statutes, and Chapter 718, Florida Statutes,
and to do any and all of the things necessary to carry out its
operations as a natural person might or could do.
4. 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 other than in the
capacity of a Director, if and to the extent approved, in advance,
by the Board of Directors. The Director to receive such compensa-
tion shall not be permitted to vote thereon. The Directors shall
have the right to set and pay all salaries or compensation to be
paid to officers, employees, agents and attorneys for services
~ rendered to the corporation. However, no part of the net earnings
j of this Corporation may inure to the benefit of any private
~ individual within the meaning of 5528, Internal Revenue Code of
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the United States.
5. All funds and-title to all interests in-groperty
acquired by this Corporation, whether fee simple or leasehold in
nature, and the proceeds thereof shall be held in trust by the
Corporation for the owners of the Condominium Units in accordance
with the provisions of the Declaration of Condominium and the
-Exhibits thereto.
6. All of the powers of this Corporation shall be
! subject to and shall be exercised in accordance with the provisions
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