Book: 5327 Page: 4002
I J •
I i
I I I
Articles, these By-Laws or the Declaration, then the Articles, By-Laws or Declaration, as the case may be, shall govern.
ARTICLE X"lll
AMENDMENT OF THE BY-LAWS
18.01 Until such time as Owners, other than the Declarant, are entitled to elect the Board of Directors, Declarant reserves the right to amend, modify alter any of the provisions of these By-Laws. 18.02 At such time as Owners, other than Declarant, are entitled to elect the Board of Directors, these By-Laws may be amended by the affirmative vote of Voting Members representing not less than seventy-five (75%) of the votes presented at an Annual Meeting or a special meeting of the Members and the affinnative approval of a majority of the Board of Directors at a regular or special meeting of the Board of Directors. A c:opy of the proposed amendment shall be sent to each Member along with the notice of the special meeting of the Members or Annual Meeting. An amendment may be approved at the same meeting ofthe Board of Directors and/or Members at which such amendment is proposed. 18.03 An amendment may be proposed by either the Board of Directors or by the Members, and after being proposed and approved by one of such bodies, it must be approved by the other as above set forth in order to become enacted as an amendment. 18.04 Amendments to these By-laws shall be made in accordance with the requirements of the law and amendments thereto in effect at the time ofamendment. 18.05 No modification or amendment to these By-Laws shall be effective which would affect or impair the priority or validity of a mortgage held by any Institutional Mortgagee or Declarant, without the Institutional Mortgagee's or Declarant's prior written consent.
• I
l
Made with FlippingBook - professional solution for displaying marketing and sales documents online