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E. To reconstruct im~~rovements aEter casualty and
to furth~r improve its facilities.
g. To make and amend reasonable regulations
respecting the u~e of the sewer and water f_acilities and
appurtenant pronerty.
h. 'Po contract for the management and operation of.
the faciliti~s an~l propert.y; and to th~rehy ~~l~gate all powers and
dutiPs of the Corporation, f?XCP~t sucl~ as are sp~cificalty rPquire~
to have approval of the Soarc~ of_ Directors or of the membership of
the Corporation. ~
i. To contract for thP manayement ~~r operation of.
such ~?ort ion ~ of. th~ f ac i i i t i c~s ~r property of , the Cor~orat ion as
'are suscE~ptihle to se~arate manaqement and operation, and to c~rank
leasns of those Ex~rtions for this pur~ose. ~
j. To enter into leases, as Less~e.
k. To employ p~rsonnel to pertorm the servic~s .
requirec~ Eor the proE~er m~nagment and operation of the facilities
and property. --
ARTICJ~E 4
MEMdE:RS
4.1 The memhers of the Corporation wiil consist of alI
oE thA c~n~~minium ass~~ciations, homeown~rs ass~ciation, propPrty
owners ass~ciations, ~r like oryanizati~ns pertaininq to real
property which has b~~en, is n~~w hein~, or will hereafter b!~
~lfsveloped l-~y Ocean Towers Deve]~pment Corporation, or its parent
corp~rations ~r suhsidiaries thereof, said membership beiny .
mand~t~ry.
4.7_ 7'he :;hare of a member in the funds anc~ assets of thP
Cor~~ration cannc~t b~ assigned, hypothecated or transferred in any
mann~r.
4.3 Each memt,er organization shal.t b~ enti.tled to one
vote pPr dwelling unit as a member of. L-he Cor~~ration. Th~ ~xact
number of votes t~ he cast and the mann~r of exercising v~ting
rights shall be e~~termined hy the Bylaws of the Corporation.
ARTICI,~ S
DIRECTORS .
5.1 The afEairs oE the Corporation will be manag~.~d hy a
b~ar~i consistin~ of rh~ number ~f direct~rs detPrmined hy the
Bylaws of ±he Corporati~n, but not•lnss than three ~iirectors; and
in the abs~ncA of such c~~t?rmination shall consist c~t three -
c~ i rectors .
5.2 AJl of the duLi~s and powers of. the Corporation
existing under the common law or Florida law, these Articles and
Bylaws shall he exerr-ised exclusively by the Aoard of Directors,
it~ agents, contractor.s or employees, suhj~ct only to approva] hy
memi~ers when that is s~ecif.ically required.
,5.3 Dir.ect~rs of the Corporation wil.l be elected at the
annuat m~eting of: the members in the manner determined by the
Rylaws of t:h~ ~~arEx~rati~n. DirPCtors may he removeci and v~-~canci~s
on the Boar~ ~F nirectors will he filled in the mann~r provided by
the By;aws ~t the Corp~ration.
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