HomeMy WebLinkAbout2256~vithin the sixty (60) days after the Turnover Date. the Board ~f
Uirectorsshall call a special meetin~. of the Member (the
":•lajority Election Meeting") forChe pur~ose of the election by the
Purchaser Members of a Director to succeed one of the Developer's
desi~nated Directors so that the Directors elected by the Purchaser
i9embers shall comprise two of three of the Board of Directors.
The notice of the r.~eeting shall be given not less than thirty
(30) days or rare than forty (40) days prior to the date of
the Meeting.
S. Sixty (60) days prior to the first Annual :iembers
N!eeting after the Majority Election Meetin~. the BQa~~ ~ha11
determine the total number of Directors of the Board of Directors
:~hich total number shall not exceed five (5) members.
6. Until the time set forth in Paragraph 7 of this
Article VIII. at each Annual Members Meeting held subsequent to
the *4ajority Election Meeting. all of the Directors except
~ne shall be elected by the Purchaser Members and one Director
shall be designa[ed by the Director.
7. Upor. t:~e earlier to occur of the follo~..~:n~ events
(";:~veloper's K~si~naCion Event"), t~e Developer s}iall cause its
;'~~.~i ~.nated Direc tor to rrsi~n :
~":. ~!~c~~ t:~e Develc~er no ~or~~;er holds :cr sale any unit
i~: 'he ordi~ar~ c~~urse ~f t~usine:~s; or
A. T~:c vc•_tultary resi;,.nation o~ the desi~nated Direct~rs,
~~i~:1JU~ ;~is t~~~cancy ~~~inp_ filled b;~ an appointee of Developer.
~pon tn~ Developer's Resignation Event. the members of the Boar1
o_` Directors elected by Purchaser Members shall elect successor
D::ectcrs ta fill the vacancies caused by the resignation or
rer~oval of the Ceveloper's designated Directors. These successor
Dire~tors shall serve until the next Annual Membeis Meetin~ and
~.u~til their successors are elected and qualified.
8. At each Annual Members t~eeting held subsequent to the
year in. ~which the Developer' s Res i~nation Event occurs ~ all of ttie
Directors shall be elected by the Members of the Condominium
Association The Board of Director r~ay, at its ootion, select a
nor~inating commi~tee consistit-g of five (S) Members to no~inate
candidates for the directorships to be filled at t!~e next Annual
:tembers Meeting. A list of any such nominations shall be deliv-
ered to each Mer:.ber at lease thirty (30) days prior to the Annual
:!embers Meetin~. Any M.ember can make nominations from the floor
o: thr Annual Members Meeting.
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BnUK~~ PAtiE~a:.V`~ EXHIBIT B Page 6 of 10 pages