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

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Assaciation and who shall be elected by the Declarant. The persons wha are to act in the capacity as the Initial Directors of the Association untit the selectian of their s�ccessors are: Thomas C.Hankins and Charles W.Teague,Jr. l. The number of Directors of the Associatian shaI( be two (2}and sha(1 be elected by the Declarant {C1ass B Member) for so long as the Declarant shall own any Lot which is subject by the provisians of this DecIaration, 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 Associat'ron and which the Declarant shall anc�ex into the Association pursuant to the terms and provisians of this DecIaration,as may be amended(hereinafter referred ta as the "Declarant's Property"). Thereafter the number of Directors of Ehe 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 Ehe Declarant within sixty {64) days next immediately following the date upon which Lleclarant shatl own no "Declarant's Property". At such special meeting of the Members of the Association the Members shall elect one(i)Directar to serve a term ' of one (1) year, two (2) Directors ta serve a term af two (2) years. The annual meeting of the Members of the Association shall be held each year thereafter on the anniversary of the aforedescribed speciai meeting, unless such date shall fall on a legal holiday,and in such case,on the next business day immediately ft�llawing such legal holiday. - 2. At each annual meeting af the Association after the first annua[ meeting the Members shall elect the number of Ijirectars needed to fiil 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#he term t�f that Directar may be shortened to provide for the staggering set Farth in this Arkicle, or in the case of the filling of a vacancy, in which case the Directar elected to fill the vacancy shalP be elected for the unexpired term of the Director whose vacancy is beirtg fiIled). The term of office of the Directors shall be sta�gered so tt�at,except for an election to fill a vacancy or to f Il a new(y created directcarship, the terms of not less than one nor more than tvro Directors shall e�.pire at each annuat meeting of the Niembers of tt�e Association. Each Llirector shatl hold affice until his/her death, resignation, retiremenC;"removal or disqualiftcation, or until hislher = successor is efected 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 (onger own any "Declarant's Property" as heretofore described in this Article, the Members of the Association may, by a ma�jority of the votes cast at any duly called annuat or special meeting of . the Members at which a quarum is present, increase ar decrease the number of Directors of the Assaciation, provided, however, that the number of Directors shal3 not be increased to more than five {5) or decrsased to less than three (3) without � amendment of the By-Laws of the Association. 4. So long as the Declarant is a C1ass B Membar,a11 Directors of the Association shall be elected by the Class B Member. So iong as the Declarant is not a Class B Member,alI Directors of the Association shall be elected by the Class A Meznbers. . C. Ru[es and Regulations of the Association. The. Declarant, and the Association if the Declarant shall no longer own any"Declarant's Property",shail have the right to publish rules and regulations for the Association regarding use and enjoyment af the Cammon Areas and the use af the Lots within the Subdivision and may enforce such rules and regularians by ' establishing a monetary penalty to be imposed far vialatian of svch rules and regulations by persons who violate such rules and regulations. 8