Articles of Incorporation

ARTICLE V

MEMBERS AND VOTING RIGHTS

  1. Members.Every person who is an occupant of a residential unit located within the geographical boundaries of the Corporation is a Resident-Member of the Corporation. Each Owner of such unit is an Owner-Member. When a unit is occupied by persons other than the Owner, the Owner transfers his or her Resident Membership to such persons. A person may be both an Owner-Member and a Resident-Member.
  2. Voting Rights.
    1. Each Resident-Member shall be entitled to one (1) vote when electing or removing members of the Board of Directors or when voting on any matter on which the Resident-Members are entitled to vote or which the Board of Directors may submit to a vote of the Resident-Members, other than matters reserved for a vote of the Owner-Members as provided herein.
    2. Only Owner-Members may vote on the following matters, and shall be entitled to one (1) vote for each residential unit owned:
      1. The Articles of Incorporation;
      2. Special assessments;
      3. Additions to or dedication or transfer of Corporation property;
      4. Any matters coming before the Corporation which may constitute or create an encumbrance upon an Owner's property other than liens imposed by the Board of Directors for violations of the Declaration of Covenants, Conditions, and Restrictions of the Corporation; or
      5. Any matter which may constitute or create a restriction of use of an Owner's property other than the reasonable rules, policies or regulations adopted by the Board of Directors. For purposes of this Article V.2.b. v. , any action of the Board of Directors shall conclusively be presumed to constitute a reasonable rule, policy or regulation adopted by the Board of Directors within the meaning of this section unless, within sixty (60) days after such adoption by the Board of Directors, not less than one hundred (100) Owner-Members sign a petition requesting that such matter be referred to a vote of the Owner-Members. Upon receipt of such a petition, the Board of Directors shall call for a vote of all Owner-Members, and the matter referred to such Owner-Members for a vote shall remain effective only if approved by a majority of the votes cast by Owner-Members.