Orange County NC Website
Page 7 of 51 <br /> Section 3.1.Every record Owner of a Lot which is subject to assessment will be a <br />Member of the Association. Membership will be appurtenant to, and may not be separated from, <br />ownership of any Lot which is subject to assessment. <br /> Section 3.2.The Association will have two classes of voting membership: <br />Class A. Class A Members will be all Owners with the exception of the <br />Declarant, and will be entitled to one vote for each Lot owned. When more than one person holds <br />an interest in any Lot, all such persons will be Members; however, the vote for such Lot will be <br />exercised as they among themselves determine, or as set forth in the Bylaws, but in no event will <br />more than one vote be cast with respect to any Lot. Fractional voting is prohibited. <br />Class B. The Class B Member will be the Declarant and will be entitled to <br />four (4) votes for each Lot owned. The Class B membership will cease and be converted to Class A <br />membership with one vote for each Lot owned on the happening of either of the following events, <br />whichever occurs earlier: <br />(a)when the total votes outstanding in Class A membership equal or <br />first exceeds the total votes outstanding in Class B membership, however, no earlier than two (2) <br />years following the date of conveyance of the first Lot by Declarant, or <br /> (b) five (5) years from the date of conveyance of the first Lot by <br />Declarant. <br />Section 3.3.The right of any Member to vote may be suspended by the Board of <br />Directors for just cause pursuant to its rules and regulations and the Articles and Bylaws of the <br />Association and according to the provisions of Article II, Section 2.1(b) herein. <br />ARTICLE IV <br />COVENANT FOR MAINTENANCE ASSESSMENTS <br />56