HomeMy WebLinkAbout0921 Association's Directors or of i~e~s are ~ Directors or oif icers oc~ have a f inancial
Inte~est shall be invalid, void or voidable solely for this reason, oc solely because
the Director or oificer is present at or pa~ticipates in the meeting oi the Boa~d or
committee thereof which authori~d the contract or transaction, or solely because
his or their votes are counted fo~ such purpose. No Directoc or officer of the
Association shall incur liability by reason of the fact that he is or may be .
Interested in any such ~ontract or transaction. This provision, however, shall not
apply to directors appointed by the Developer who are members of the Developer's
firm ar assaciated wlth the Developer in the Deyelopment.
B. Interested Dirertors may be counted in determining the pcesence of a
quorum at a meeting of the Board of Directors or of a committee which authorixed
the contract or transaction.
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XIV. DISSOLUTION OF THE ASSOCIATION
A. Updn dissolution of the Association, its real and personal assets,
including the Master Common Properties, shail be dedicated to an appropriate
public agency or utility to be devot~d to purposes as nearly as pcacticable the same ~
as those to vvhich they were req~ired to be devoted by the Association. In the
event such dedication is refused acceptance, such assets shall be granted, conveyed
and assigned to any non-profit corporation, association, trust or other organization
to be devoted to purposes as neariy as practicable the same as those to whicfi they
were required to be devoted by the Association. No such cfisposition of the
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, Association Properties shatl be effedive to divest or diminish any right or title to
I any member vested in him under the licenses, covenants and easements of this
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~ Declaration or u~der any subsequentJy recorded covenants and deeds applicable to
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~ the Piroperties unless made in ac~ordance with the provisions oi this Declaration ar
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~ said covenants and deeds.
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~ The Association may be dissolved upon a resolution to that ef fect
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being recommended by three-fo~ths (3/4) oi the members of the Board of
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