Agenda - 08-27-2012 - C2 - Laserfiche WebLink

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with respect ta any such Lot awned by Class A Member,and in no event shall more than twenty-ane(21)vfltes be cast with respect to any such Lot owned by the Class B Member in KEENELAND MANOR SUBDtVISION. See Paragraph C of this Article 1 V Entitled"Voting Rights". 3. Notwithstanding Ehe forgoing,the Owner{s}of Lot 21,other than the Deciarant,shail not have any right to vote at any Association meetings on matters which do not directiy impact Lot 21. B. Classes. There shall be tu�o(2)c(asses of voting Members: i. The Class A Members shail be all those owners other than the Declarant. 2. The Class B Member shall be the Declarant, its successors andior assigns. Class B Membership may cease and be converted to Class A Membership at the option of the Ciass�Member,by its written notice to the Secretary of the Assaciation. Subject to the prov'rsians of Subsection 3 af this Paragraph B of this Article IV. C(ass B Membership shall cease and be converted to Class A Membership, without further act or deed, upon the date ten {10}years from the date upon which the Declaration shall be recarded in the Office of the Register of Deed of Durham County, North � Carolina. 3. Notwithstanding a conversion of the Declarant, its successars and(ar assigns to a Class A Member or the cessation of the Class B Mernbership due to the expiration af the ten{10)year period hereinabove described, in the event Declarant, its successors • and/or assigns,ttiereafter acquires ar adds additional Lots to the Properties such that Declarant; its successors and/or assigns, would, according to Subsection 2 of this • Paragraph B of this Article IV, be entitled to Ciass B Membership, Declarant, its successors andlor assigns, shal3 thereupon be reestablished as and converted to a � - Class B Mecnber of the Association, with ail of the benefits and burdens pertain�ng thereto. C. Votin�Ri ts. l. Class A Members shall be entitled ta one (i) vote for each Lot owned, as modified by Article TV,Paragraph A3. 2. The Class B Member shall be entit(ed to TWENTY-ONE (21} votes for each Lot � __ . -_ owned_by the_Class B--Member in KEENELAND-MANOR-SUBt�IVISIOl�i{whether _ _ ar not such Lot is under contract to a Contract Seller or Builder}. 3. No cumulative voting shall be permitted. 4. Only thase Members who are in good standing with the Association may vote. ARTICLE V • ADMINTSTRATItJN AND MANAGEMENT A. Governin� Documents. The adminisEratia❑ of the Properties shali be governed by the provisions c�f the Declaration, the Articles of Incorporation(the"Articies"), the By-[,aws of � the Association(the "By-I..aws"), and the published cules and regulations af the Association . (the"Ru1es"}, if any. In the svent of a conflict between the provisions of the Declaratian and . the Articles and the By-Laws and the Rules, the provisions of the I7eclaration shall controi. In the event of a conflict between the provisians of the Articles and the By-Laws and the Rules, the Articles shall controL In the event af a conflict b�tween the By-Laws and the Rules,the By-Laws shall control. B. Mana�ement of the AssociatiflnlBoard of Directors. The affairs of the Association shalt be managed by an Initia( Board af two (2) Directors who need not be Members of tl�e 7