Conditions, Restrictions and Reservations
Page 7 of 20
Membership shall be reinstated on the same basis as would have existed if no election had been
made.
6.
Board of Directors:
The affairs of the corporation shall be managed by the Board of Directors. The
members of the Board shall be elected by the members pursuant to the By-Laws of the
Corporation. The Board of Directors shall be elected at the Annual Meetings or at Special
Meetings of the members called for that purpose and shall serve for the duration of the term as
described in the By-Laws.
7.
Voting Rights --- Election of Board of Directors:
The Directors shall be elected upon the following basis:
(a)
Every single-family Dwelling Unit on a separate single-family lot of 6,000
square feet or more shall be counted both for voting, assessments and otherwise, as having one
full vote.
(b)
Class B--Voting Rights: Until such time as all of the Dwelling Units
projected for the "Proposed Development Area" have been either reconstructed and either sold or
occupied through an agreement with the Declarant or its successors, assigns and/or agents, the
Declarant shall have votes as follows:
(1)
To the extent that portion of the "Proposed Development Area" have been
subjected to this Declaration and have become part of the "Premises," then in any such event, the
Declarant shall be entitled to five (5) full votes for each single-family lot, and, further, to five (5)
full votes for each unconstructed or unoccupied Dwelling Unit, regardless of the number of
bedrooms contained or projected to be contained in any such Dwelling Unit, at the rate of