02/04/1991 Park Board Packet - Laserfiche WebLink

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ARTICLE 5 MEMBERSHIP '�. Every person or entity who is a record owner or contract for deed vendee of a fee or undivided fee interest in any Lot which is subject by covenants of record to assessments by the Association, including contract sellers, shall be a member of the Association. The foregoing is not intended to include persons or entities who hold an interest merely as security for the performance of an obligation. Membership shall be appurtenant to and may not be separated from ownership of any Lot which is subject to assessment by the Association. ARTICLE 6 VOTING RIGHTS Section 1. Classes of Membership. This Association shall have two classes of voting membership: Class A - Class A members shall be all Owners, with the exception of Declarant, and shall be entitled to one vote for each Lot owned. When more than one person holds an interest in any Lot, all such persons shall be members. The vote for such shall be exercised as they, among themselves, determine, but in no event shall more than one vote be cost with respect to any Lot. Class B. - Class B members shall be the Declarant and shall be entitled to three (3) votes for each lot owned. The Class B membership shall cease and be converted to Class A membership on the happening of either of the following events, whichever occurs earlier. a. when the total votes outstanding in the Class A membership is equal to the total votes outstanding in the Class B membership. or b. on December 31, 1996 Section 2. Cumulative Voting. Cumulative voting shall not be allowed. Voting rights may be suspended as set forth in the By -Laws and the Declaration of Covenants. ARTICLE 7 LIABILITY AND CAPITAL STOCK The extent of personal liability of the members for corporate obligations and the methods and enforcement of collection are none. The Association shall have no capital stock. ARTICLE 8 BOARD OF DIRECTORS The affairs of this Association shall be managed by a Board of three directors, who need not be members of the Association. The number of directors may be changed by amendment of the By - Laws of the Association. The names and addresses of the persons who are to act in the capacity of directors until the selection of their successors are: 3