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Section 9. Resigna~~ons. Any Director or officer may
resign his office at an}• time, in t~riting, which resignation
shall take effect from time of its receipt by the Association,
unless some l.ater time be fixed in the resignation, and then from
that date. The acceptance of a resignation shall not be required
to make it effective.
ARTICLE IV
idEMBERSH I P
5ection 1. MembershiQ, Each Unit Owner (including a
corporate owner) sha11 be a Member of the Association and
membership in the Association shall be limited to Unit Owners.
Section 2. Transfer o£ membership and Ownership. Membexship
i.n the Association may be transferred only as an incident to the
. transfer of the transferor's Unit and his uiZdivided interesk in
the Comman Elements of the Condominium. Such transfer shall be
subject to the procedures set forth in the Declaration. To the
extent that the Declaration provides that the transfer;.lease,
sale, or sublease of Units is subject to approval of the
Association, no fee-shall be charged in connection with ~
transfer, sale or lea~e approval in excess of the expenditures
reasonably required for the approval, and this expense shall not
exceed Fifty ($50.00) Dollars for a period of one (1) year from
the date of recordation of the Declaration o~' Condominium. The
; Board of Administration shall review said charge and expense
annually and adjust said ampunt accordingly.
Section 3. Powers_and Duties. The powers and duties of the
Association shall include those s~t forth in the various
provisions of the Gondominium Act, the Declaration of Condominium,
the Articles of Incorporation and these By-Laws.
: ARTICLE V
° MEETINGS OF MEMBERSHIP
' Sectian 1. Place. All meetings o£ the Association
memb~rship shall be held at such place as may be stated in the
notice of the meeting.
Section 2. Annual Nieeting.
A. The first annual meeting of inembers shall be heLd .
during the last two weeks in the first December which is
more than ~twelve (12~ months subsequent to the closing of
the cpnveyance of the f.irst i3nit by Developer to an
~ individual purchaser. ~
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B. Regular annual meetings subsequent to the first ~
• meetiny shall be held during the lasfi two weeks of every i
s December.
~ C. At the annual meetings, subject to the provisions
of-Artice II, Section 4, of these By-Laws, the members, by a E
vote of persons owning a majority of Units (cumulative
voting prohibited) shaZl elect a Board of Administration and
transact such other business as may properly come be£ore the
- meeting.
D. Written no~cice of the annual mee~ing shall be ;
personally served upofl or mailed ta each Member entitled to =
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votg at such address as app~ars on the books of the
Association, at least fourteen (14) days prior to the ~
meeting. The post office certificate of mailing shall be ,
proof of such mailing. R notice of such meeting shall be '
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