Agenda - 08-27-2012 - C1 - Laserfiche WebLink

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Association and who shall be elected by the Declarant. The persons who are to act in the capacity as the Initial Directors of the Association until the selection of their successors are: Thomas C. Hankins and Charles W.Teague,Jr. I. The number of Directors of the Association shall be two (2)and shall be elected by the Declarant (Class B Member) for so long as the Declarant shall own any Lot which is subject by the provisions of this Declaration, or as this Declaration may be amended, to assessment by the Association or owns any real property which is adjacent to and adjoins any Lot which is subject by the provisions of this Declaration, or as this Declaration may be amended, to assessment by the Association and which the Declarant shall annex into the Association pursuant to the terms and provisions of this Declaration,as may be amended(hereinafter referred to as the "Declarant's Property"). Thereafter the number of Directors of the Association shall be increased to three (3), said three (3) Directors to be elected by the Members at a special meeting of the Members of the Association called by the Declarant within sixty (60) days next immediately following the date upon which Declarant shall own no "Declarant's Property". At such special meeting of the Members of the Association the Members shall elect one(1)Director to serve a term of one (1) year, two (2) Directors to serve a term of two (2) years. The annual meeting of the Members of the Association shall be held each year thereafter on the anniversary of the aforedescribed special meeting, unless such date shall fall on a legal holiday,and in such case,on the next business day immediately following such legal holiday. 2. At each annual meeting of the Association after the first annual meeting the • Members shall elect the number of Directors needed to fill the vacancy or vacancies created by the Director or Directors whose term(s)is/are expiring,to serve for a term of three (3) years (except in the case of the initial election of a Director, in which • case the term of that Director may be shortened to provide for the staggering set forth in this Article, or in the case of the filling of a vacancy, in which case the Director elected to fill the vacancy shall be elected for the unexpired term of the Director whose vacancy is being filled). The term of office of the Directors shall be staggered so that, except for an election to fill a vacancy or to fill a newly created directorship, the terms of not less than one nor more than two Directors shall expire at each annual meeting of the Members of the Association. Each Director shall hold office until his/her death, resignation, retirement, removal or disqualification, or until his/her successor is elected and qualified, whichever event shall first occur. Directors need not be Members of the Association. 3. After the date upon which the Declarant shall no longer own any "Declarant's Property" as heretofore described in this Article, the Members of the Association may, by a majority of the votes cast at any duly called annual or special meeting of the Members at which a quorum is present, increase or decrease the number of Directors of the Association, provided, however, that the number of Directors shall not be increased to more than five (5) or decreased to less than three (3) without amendment of the By-Laws of the Association. 4. So long as the Declarant is a Class B Member, all Directors of the Association shall be elected by the Class B Member. So long as the Declarant is not a Class B Member,all Directors of the Association shall be elected by the Class A Members. C. Rules and Regulations of the Association. The. Declarant, and the Association if the Declarant shall no longer own any"Declarant's Property",shall have the right to publish rules and regulations for the Association regarding use and enjoyment of the Common Areas and the use of the Lots within the Subdivision and may enforce such rules and regulations by establishing a monetary penalty to be imposed for violation of such rules and regulations by persons who violate such rules and regulations. 8