HomeMy WebLinkAbout0058~•
5.4 The first electian of the ~irectors will not be held
until after the Developer has closed the sales of all of the units
developed by it upon lands on Hutchinson Island, St. Lucie County,
Florida, or until it elects to terminate its control of the
Corporation, or until December 31, 1985, whichever first occurs.
The Directors named in these Articles will serve until the first
etection of directors and any vacancies in their number occucring
~~~vk~ Zi~e cirst election will be filled by the remaining
directors.
5.5 The names and addresses of. the members of the first
Roard oE nirectors wl~o shall hold office until their successors are
electec~ and have yualified or until removed, are as Eollows:
`PUNY SOTOLONGU 309 Cou~itry Club Drive
Z'equesta, [ lorida 33458
t'AITH 50TOLUNGO 309 Co~antry Club Dr.ive
Teyuesta, Flor.ida 33458
RUSSELL NOVE:N 519 N. Dover Road
• Teyuesta, Florida 33458
ARTICLE 6
UFFIC~RS
'I'he affairs ~E the C~rf~oration will he a~3ministere~3 by
the ofEiCeCS designateci in the Bylaws of the Corporation. Saic3
oEficers witl be elected by the Roard of Directors at its Eirst
meeting followiny the annual meetinc~ of the members of the
Corporation anci wi 11 serve ~t . the pleasure of_ the Roard of
Director .. The nam~,s and addresses of the af Eicers who will serve
until their successors are designated are as Eollows:
P.res ident 'POtJY SOTOLONGO
.. 309 Country Cluh Drive
Tequesta, Florida 33458
zlice Presic~~_~nt EAITiI SO'I'rJLONrf)
Secretary-Treasurer 309 Countr.y Club Drive
Tequesta, F'lorida 33458
AR'I'ICt,E 7
I NUEh1N I F ICFi`P ION
~Every dir~ctor and every ~Eficer of the Corporation will
be indemnified by t1~e Corporatian against all expenses and liabil-
lti~'S includin~ counsel, fees, reasonably incurred hy or impased
upon him in connecti~n with any proceeding or any settlement o£ ~ny
proceedinq to, which he may be a party or in which he may become
involved hy reason of his bei-ny or having heen a c~irector or.
otficer of the C~rportion, whether or not he is a c~irector or
ofEicer at the time such expenseG are incurre~l, except when the
dir~ctor ~r oEficer is adjudged guilty of willful misfeasance or
malEea'sancF, in the p~rformance oE his ~3uties. Provided that in the
event of a settlement the indemnification will apply only when the
Board of Direct~~rs ap~roves such s~ttlement and reimbursement as
being .for the hest interests of_ the Corporation. The foregoing
right oE -indemnification wi_ll be in addition to and not exclusive
~f all other riyhts to which such direct~z or officer may b~
entitled.
ARTICLE 8
RY I,11WS
7'he f irst Bylaws ot ti~e
the Roarr~ of ~irectors and may be
the mannet- ~rovicle~l t~y said Bylaw~.
-3-
Corpora t i~n wi 11 be aclo~~ted by
altered, amended or rescinde~i in
~~'lK •.J~t7 P~6~ 5V
~
~
r.: -
~~.-r ~ _ . . _: _ . . . _ -_ ,_