HomeMy WebLinkAbout0786 3.5 DiSTRiBUTION OF INCOME. 'The Associat 1s~n st?al l makN
no distribution o~ncome to its memt~ers, directors or
officers. -
3.6 LIMITATION. The powers ~f the Association shall be
subject to and s~ia'll be exercised in accordance with the
provisions of the Declaration of Condominium and the ey-laws.
ARTICLE 4: MEMBERS.
4.1 MEMBERSHIP. The members of the Association shall
consist of all of the record owners of units in 1SLAND Bt:ACH
CLUB, a Condominium, and after termination of the Condominium
shall consist of those who are members at the time of the
termination and their successors and assigns.
4.2 EVIDENCE. After approval of the transfer, or of the
ownership, o a unit in the manner required by the Declaration
of Condominium, change of membership in the Association shall
be established by (a) recording in the public records of
St. Lucie County, Florida, a certificate of the Association
stating the approval required by the Declaration (b) recording
in the public records of St. Lucie County, Florida, a deed or
other instrument establishing a public record of the transfer.
of the title substantiating the membership, and (c) delivery to
the Association of a true copy of the recorded instruments.
The owner receiving title of the unit by those instruments will
- be a member of the Association and the membership of the prior
owner will be terminated.
4.3 ASSIGNMENT. The share of a member in ttie funds and
assets of t e Association cannot be assigned, hypothecated or
transferred in any manner except as an appurtenance to the unit
for yhich that share is held.
4.4 VOTING. A member of the Association shall be
entitled to at least one vote for each unit owned by him. The
exact number of votes to be cast by owners of a unit and the
manner of exercising voting rights shall be determined by the
By-laws of the Association. If an apartment unit is owned by
more than one person, or is owned by a corporation, partner-
ship, joint venture, or other entity, the designation of voting
representative shall be made as provided in the By-laws and
such voting representative for purposes of this Article shall
be considered to be the "member".
ARTICLE 5: DIRECTORS.
5.1. NUMBER AND QUALIFICATION. The affairs of the
Association sha a manage y a board consisting of the
number of directors determined by the By-laws, t,ut not less
than three directors, and in the absence of that detemination
shall consist of three directors. Directors need not be
members of the Association.
S. 2. DUTIES AND POWERS. All of the duties and powers of
the Association
existing under the Condominium Act, the Dec-
laration of Condominium, these Articles and By-laws shall be
exercised exclusively by the Board of Directors, its agents,
contractors or employees, subject only to approval by unit
owners when that is specifically required.
5. 3. ELECTION; Rt;MOVAL. Directors of the Association
BOOK 343 PacE `785