Orange County NC Website
---- <br /> - <br /> If such property is occupied by a dwelling at the time of <br /> such sale, t I he corporation shall have the option of purchasing said <br /> property at la price established by an appraiser selected by the with- <br /> drawing shar�,holder and the corporation. The corporation shall have <br /> forty-five (45) days after receipt of said appraisal in which to <br /> exercise itsi option or to find a purchaser of its choice for said <br /> property at �he appraised price. Upon the expiration of said period, <br /> the withdra .ng shareholder may sell to anyone of his choice. <br /> Alpy appraisal obtained as set forth above shall be only <br /> of the homesite and shall not include any portion of improvements <br /> which may be c;nstrudted on the common property of the corporation. <br /> Any property owner who is inv..olved in a forced sale of his <br /> or her propl ty shall notify the Board of such proceeding within two <br /> (2) days af%tr rd shall then attempt to <br /> , r receipt of notice. The Boa <br /> resolve the Oroceeding or find another purchaser for the property. <br /> In the eventlof a forced sale, or. in the event of failure to give the <br /> notice her'ei I h required, the property owner shall forfeit all rights <br /> in and to th6 stock in the corporation then held by him or her. <br /> S ction 4. Notice to Third Parties: In order to give <br /> adequate notice to any third party who may desire to purchase pro,)erty <br /> within the e rporate community, the officers shall cause a legear to <br /> be placed odiall stock certificates as follows: <br /> This stock is issued subject co limitations <br /> and restrictions on the trinsfer hereof as <br /> imposed by Article IX of the By-Laws of the <br /> corporation and any amendment thereto. <br /> As further notice, the officers shall cause restrictive covenants to <br /> be recorded �n the public registry of Orange County containing a <br /> specific reference to the provisions of this Article IX. A copy Of <br /> said restrictive convenants shall be attached to the minutes of the <br /> ARTICLE X. <br /> T e Board of Directors shall have no power to adopt a <br /> (1) requ iripg more than a majority of the shareholders for a quorum <br /> at a meetingof shareholders except where higher percentages are <br /> by law; (2)1 providing for the management of & corporation <br /> otherwise thlan by the Board of Directors or its Executive Committee <br /> and; (3) �creasing or declaring the number of Directors. <br /> go By-Law adopted or amended by the 'shareholders shall be <br /> altered or r t led by the Board of Directors. <br /> ^ <br />