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for'the maintenance and operation of the Condominium which the
Corporation shall operate shall be utilized by the Corporation
only to pay for the cost of said maintenance and operation and as
,
provided in the Declaration of Condominium. The ~or~Soration shall
have no interest in any funds received by it through assessments
from the owners of individual Condominium Units or otherwise except
to the extent necessary to carry out the powers vested in it as
agent for said members.
The Corporation shall make no distribution of income to
its members, directors or officers, exEept as salaries for services
rendered and reimbursement of expenses as provided for herein and
in the Bylaws of the Corporation. The Corporation shall be con-
ducted as a nonprofit corporation.
Any Common Surplus shall be held for the use and benefit
of-the Corporation's members in proportion to the percentage of
their ownership in the Common Elements of the Corporation.
Upon termination of the Condominium and dissolution or
final liquidation of this Corporation, the distribution to the
members of this Corporation of the Common Surplus in proportion
to the percentage of their oxnership in the Common Elements shall
not constitute or be deemed to be-a dividend or distribution of
income. "
ARTICLE XI
I ND~IN IF I CAT I ON
Every director~and every officer of the Corporation shall
be indemnified by the Corporation against all expenses and 1ia-
bilities,~including attorney's fees, reasonably incurred by or
imposed upon him in connection Nith any proceedings to which he
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BOOK J~t~ PAGE 4c~
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