HomeMy WebLinkAbout1148:~I~<~ 1 I t~~~ ~_nt i~le~i tc~ ~_ l~~rt :~i~c~-tl~ir~ ( 1/3 ) of the
m~_r,~V~_rs c~f the Bc~ar~~ c~f t)irect~ts.
( 3) Ur~ i t vwners otl-er tt~an the !~e ;r~l c~E~cr sl~al 1 be
enti tle~ to elect nat le~s tl~aii a majority of the
n~eint~~crs of the I~c»rd of ~~ir~ctors when the first of
the tollowing occurs:
a. 'I'I~~~e (3) ycars ait~r ~:-~lcs 1~a:-~ t~cen closed by
the L~evelc~per c~n f i f ty ( 50~ ) l~ercent of the
unit~ ih the Condc~minium; or
b. '1'lirc~ ( 3) rt~ontl~s a f ter ~:~~ 1 ~s have t~een closed
h}• the Devel o~c~r ~n ni nc~ty ( 90~ ) percent of the
uni ts in the Cc~nc3c~minium; ~r
c. -:t~c~n ~31 I of the u~i i!~ i n tli~~ !'-~t~~~om i n i um have
~>c~~ n cUici~let^~3, ~U11~? ~~f t Il~~rn ~:~~ld. and none of
t.l~~~ othcrs arE~ t~,~i~~~~ ~~t t~•r~~~i i~~r ~al~ t~y the
t=~~~~eloper in the ~r~l inar }~ c~~ur ,e of business;
~l. ~:h~n t~evel~f~er elect_:~ ~~~ t•~iminate its control
~f the Association.
So lony as th~~ De~~r~le~~er h~11ds for sale in t~!~e ordinary
course of busines~: at least ~ f ive ~~er cen[ ( 51 ) of the ur,its in the
Condominium, the l~cvclo~~er shall t~e entitled ±~ a~~point not less
than one (1) t~ierr,l~er ~f Lhe ~oarcj of Uirectorr.
Section 4. c•:i thin sixty ( 60 ) c3a}~~ af ter ~~:~i± ewners other
thar~ Lhe Uevpl~~~~r ace ~ntitlec3 to ~lec'. c~n~-ttiird (1/3) of the
Di rec tors, the t~_~s-~~ i~ t i on shal l ca 1]., and ~~ i v~ ~~ot less than
thirt}•. (30) ~3ays r~or ,~or~~ than fort}~ (40) cla}~s notice of a:neeting
of t~~e unit owner.~ ~or tliis purpos~~.
Section 5. 'I~1~e t~~~elo~er shall t~e entitlec~ at any ~time to
remove or reE~lace .-~n}~ Director oriyin~lly ~^lecteel by the
Ueveloper. T~~e ri~~:~ts to ap~oint an;• one or mare of the Directors
it is entitled tv aE?E~oint.
Section 6. t,c:,• e~rloyee or
o~mer, svch as 1~~:•~'~~~I.~'L'~ shall b~
l?irector of tl~~ t~~=~~~iation. Th~
serve until the f irst election of
Lheir number occurrin-~ t~efore the
by the Ue~~elo~~r.
a:~ent .~~[ ~~ t:~_~siness entity
~1 i<3~t•1~_ t,• c~nrV? as a
LItC~=t~~2~S ~l~'L~'lI1 nam~cl shall
Uircct~t-~: ~~r~d any ~acancies in
first ~~lectior~ st~all be filled
Section ~. 1,11 ~;fficers sh~~ll :~c~ elected h}• thn I3~ard of
Uirectors in acc~~r~3anc~~ with th^_ ~31-:•aw, at reau.ar, annual ~
~r,~~ti.nys o! tt~e 1~•;a~•~ ~~: Uirector~, !o t,~ l~~l<3 imme~iiately
following FFi~ anriuZ: n~~•~t iny, ot th~~ r~~n:t~~=r~l~ii . Th~~ F3oard of
[,~irect~r~ si~all ~~1~ c! •~ i-resi~3~~nt, .Jice i~i~•~-ir.~~nt, Secretary,
Treasurer, a~-=3 ~uc!: ~,ther ~ffic~~r~= a~- i~ ~I~al: ~i~~~:~ de~irable,
c~nsistent ::i~h t•,•• F~~-t,aws. 'I't,~- l~r~-::i~i~~r,t ~hall b~ elected from
amon~ the i3oa rd •, f~,i r~~c tor ~; no otl~~r ~f f i cer nec~d t~e a
director.
5ection E. T!~~~ ~~llowin~ ~~~r~;on^ ::h~~ll con~titut~ the first
F3oard of t~i recter~:, ~-~nc3 shall holc3 of f ice ~ind serve until removed
or vr~til tt~eir succ~=s~rs are electe~j at ti~~ first regular meeting
O~ tflC' mer,;~~E'C~:
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~;K 346 P~~E 114~
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