HomeMy WebLinkAbout0485have the right to set and pay all salaries or compensation to be
paid to officers, employees, agents and attoraeys for services
rendered to the corporation. However, no part of t~e net earnings
of this corporation may inure to the hen~fi~ of ~n~ ~r;••A*e
individual within the meaning of Section 528, Internal Revenue Code
of the United States.
S. All funds and title to all interests in property
acquired by this Corporation, whether fee simple'or leasehold in
nature, and the proceeds thereof shall be held in trust by the
Corporation for the owners of the Condominium Units in accordance
xith the provisions 8f the Dec2aration of Condominium and the
Exhibits thereto.
6. All of the powers of this Corporation shall be
subject to and~shall be exercised in accordance with the provisions
of the Dec2aration~of Condominium and the Exhibits thereto which
govern the use of the land to be operated and administered by
this Corporation.
ARTICLE IV
MEMBERSHIP
The qualification of inembers, the manner of their
admission and voting by members shall be as follows:
.
1. This Corporation shall be organized without capital
stock. The Corporation shall not have or issue shares of stock.
No dividends shall be paid, and no part of the income of the
Corporation shall be distributed to its members, directors or
officers, provided, however, that the Corporation may pay reasonable
compensation for services rendered as elsewhere herein provided.
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