Condominium Resale Certificate - Williams & Williams

07:A7 MIG/jlf 2/4/84
be elected by Declarant, or persons designated by Declarant;
provided1 however, that no later than sixty (60) days after
conveyance of twenty-five percent (25%) of the Units to Unit
Owners other than Declarant, a regular or special meeting
shall be held at which One Director who is a Unit Owner will
be elected. Upon conveyance of fifty percent (50%) of the
Units not less than one-third (1/3) of the Board will be
elected by the Unit Owners, or, if the number of Directors
is not evenly divisible by three (3), the next highest
number thereof, shall be elected by the members other
than
Declarant, and the other Directors shall be elected by
Declarant.
After Declarant Control Period.
Not later than the
termination of the Declarant Control Period the Directors
shall be elected by the members. In order to assure that
Directors will be so elected, a regular or special meeting
of the members shall be held prior to such termination,
to
elect, effective upon such termination, who shall become
Directors upon such termination.
Votes Required. Directors shall be elected by a
majority vote. At each meeting at which there is to be an
election of Directors, the members shall first adopt a resolution
establishing the number of Directors to be elected
at
such meeting. In order to provide continuity on the Executive
Board not more than one-third (1/3) of the Executive Board
shall be replaced at any annual election except for cause.
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