HomeMy WebLinkAbout1147_ Section 2. Each unit owner is en~itlcd to one v~te for each
unit owned by him. A corporation or se~~eral individuals owning a
unit shall designate a voting agent for the unitis) which they
own, as set forth in the Declaration and By-Laws.
Section 3. The share of a n~en:ber in the funds and assets of
the Association shall not be assigned, hypothecated, or
transferred in any r~anner except as an appurtenance to h~.s unit.
ARTICLE V
£XISTENCE
This Corporation shall have perpetual er.istence.
ARTICLE VI
St'ESCRI B£RS
The names and addresses of the subscrit,~rs hereto are as
follows:
1: a rr~e
David M. Layn:an
Address
27E-A South County Road
Palr. Beach, Florica 33480
Faul ~:.A. Courtnell, Jr.
Lewis F. Crippen
275-ts S~~uth County Road
Pali~ Beach, Floriaa 33480
276-A Scuth Countv Roaci
Palm Beach, Flerida 33480
ARTICLE VII
DIREC:'ORS
Sectior. 1. Th~ a_`fairs anC GrJDErC}' Cf ~he F:sso~ia~ior.
sh~l: be r~~anagec an:? a~rerned b~• ~ B~arc or D~rectors cornposed of
three (3) di:ectors. ..
Sectior. 2. cirector~ sha21 ~ e_ectec b}' the votina mer,.bers
in accorCance ~: i t'r: the E: -Laws at recular annua, r~~eetina~ oF the
mer~~e:ship of the Association, ir, th~ r.,anner set out b~~ the
B}~-Laks. Directors shall be e2ec~e~ to ser~•e for a terir: of one
{1± year. Ir~ the e~~ent e~ a vacanc}•, the :e:~aininc cirector(s)
sha;l appoint a rep~acer-.ent to serve the ba:ar.ce of tne tertr,.
Secti~n 3. :he T~~:~e~cper, i'_~ c.-an*_ee~, s~ccessors or
~ssigns, shall ~:a•:e the rioht for th~ ; e.~io-?s of ti~*~e hereirafter
provided to a~p~int ~irectors of the Association as ~ollows:
( 1) l.'ntil ~he tirr.e that ~evei~per ha~ clesed ti:e sale
of f i f teen (1~~ ) percent c~ the units ir. the
; ondcr::ini~m, Develo;~er ::a}• a~~oin:. all members of
~he E~ard of Directors.
(2) F:~:~n ur.iL o~ners o~her ~han De~:~l:-per okn fifteen
(1 5=) p~•rcent or more e~ ~he u::i ts in the
COR~30~t1f11lIIT.~ tr:e Ufllt C:+~T1E2"S 0~~:~'r t'r.an Developer
~ ~~»K346 PaGE1144
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