HomeMy WebLinkAbout0530 sht~ 1 1 tie entitled tc) elect one-third (1/3) of the
members of ttre Board of Directors.
(3) Unit owners other than the t~eveloper shall be t.
entitled to elect not less titan a majority of the
members of the Board of Uirectors when the first of
the following occurs:
a. Three (3) years after sales have been closed by
ttre Ueveloper on fifty (502) percent of the
units in the Condominium; or
b. Tt3ree (3) months after sales have been closed
by ttie Developer on ninety (908) percent of the
unity in the Condominium; or
c . When a I 1 of the units in the Condominium have
been completed, some oC them sold, and none of
the others are being offered for sale by the
Developer in the ordinary course of business;
d. t•~t~en Ueveloper elects to terminate its control
of the Association.
So lorry as the Ueveloper t~~lds for sale in the ordinary
course of business at least five per cent (58) of the units in the
Condominium, the Ueve Loper sha i 1 t,e entitled to appoint not less
than one (1) member of the Board of Directors.
Section 4. Within sixty (60) clays after unit owners other
than the Ueveloper are entitled to elect one-third (1/3) of the
Uirectors, tt~e Association shall call, and give not .less than
thirty (30) days rror more titan forty (40) days notice of a meeting
of the unit owners for this purpose.
Section 5. `I'tie Developer shall be entitled at any time to
remove or replace any Director originally selecteJ by the
Ueveloper. Tt~e 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 Dove Loper, shall be eligible to serve as a
Director of the Association. The Uirectors herein named shall
serve until the first election of Directors and any vacancies in
their number occurring before the first election shall be filled
by the Developer.
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s Section 7. All. officers shall he electec] by the Roard of
Uirectors in accordance with the t3y-Laws at regular, annual
meetings of the Board of Directors, to be held immediately
~ following the annual meetings of the membershil,. The Board of
Directors shall elect a President, Vice President, Secretary,
Treasurer, and such ether officers as it shall deem desirable,
consistent ~~uith the say-Laws. 'The President shall be elected from
among the Board of Directors; no other officer need be a
director.
Section S. The following persons shall constitute the first
Board of Uirectors, and shall hold office and serve until removed
or until their successors are elected at the first regular meeting
of the members:
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