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Prior to, or not more than 60 days after, the time that
Unit Owners other than the Developer elect a majority of
the members of the Board of Directors of the Association, the
Developer shall relinquish control of the Association and
shall deliver to the Association all property of the i~nit
Owners and of the Association held by or controlled by the
Deveioper, if applicable, as to each condominium operated
by the Association including, but not ~imited to, if.
applicable, those items provided for in Section 718.3~1(4),
Florida Statutes.
Section 3. In the event of a vacancy occurring on
the Board of~birectors, such vacancy shall be filled bv
appointment by the Developer~ if the vacant position is
one the Developer is still entitled to, otherwise bv vote
of a majority of the rernaining directors. Such director
shall serve out the remaining term of the former director.
Section 4. No director appointe~ or elected bv the
Developer may be removed except with the writCen apnroval
of the Developer except, however~ pursuant to the terms oF
' Article VII, Section S hereof, ~irectors elected by the
tlnit Owners other than the Developer may be removed with
or without cause by the vote of a majority of all Conc~ominium
Unit Owners at a special meeting called for that purnose
or agreement in writing by a like number of Unit Owners.
Any director whose removal has been propose~ bv members shall
be given an opportunity to be heard at the meeting. A ~
special meeting of the ~JniC Owners to rerall a member or
members of the Board of Directors mav be called by 1~% of
the Unit Owners giving notice of the~meeting as required
for a meeting of Unit Owners, and the notice shall state
the nurpose of the meeting. ~
Section 5. -Io comoensation shall be Paid to directors
for tl~eir services as~directors. Compensation may be naid
to a director in his or her capacity as an officer or emplo_yee
or for other services rendered~to-the corporat?_on outside of
his or her duties as a director. In this case, however, the
compensation must be approved in advanee bv the Board of
Directors and the Director to receive such compensation shall
not be permitted to vote thereon. The Directors shall have
the right to set and pay all salaries and compensation to
be paid to officers, employees, agents and attornevs for
services rendered to the corporation. However, no part of
the net earnings of the Cornoration may inure to the beneFit
of any private individual within the meanin~ of ~528, Internal
Revenue Code of the United States.
Section 6. The first meeting of a newly elected
Board ot Directors shall be held within ten (1Q) davs ofr
its election at such place as shall be fixed bv the directors
at.the meeting at which such directors were elected.
Section 7. Regular meetings of the Board of nirectors
may be e~~ at such time and place in St. Lucie Countv,
Florida, as shall be determined from time to time by a majority
of the Board of Directors. Notice of regular meetings o~
the Board of Directors shall be given to each Director,
personally or by mail, telephone or telegrauh, at least
five (5) days prior to the day named for such meeting. In
addition, except in an emergency, notices of_ meetings shall
be posted conspicuously 48 hours in advance o~ the meeting
for the attention of Unit Owners. Notice of any meeting
where assessments against Unit Owners are to be considered
for any reason shall specifically contain a statement that
assessments will be considered and the nature of_ anv such
assessments.
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