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BYLAWS OF IVANHOE-WATERFORD HOMEOWNER'S ASSOCIATION, INC.
A. CLASSES. The Association shall have two (2) classes of Members.
(1)
Class A Membership. Class A Members shall be those record Owners of fee simple title to a Lot who received such title from Declarant or who obtained fee simple title from another Owner with the written prior approval of the Association obtained prior to the recording of the deed to his Lot.
(2) Class B Membership. Class B Members shall be the Declarant. The Class B Membership of the Declarant shall cease and be converted to Class A Membership on the happening of either of the following events, whichever occurs earlier:
(a)On the Date that Declarant sells its last lot in the Property, or
(b)At the time Declarant shall have waived in writing, in recordable form, its right to Class R Membership.
B. VOTES. Class A Members shall be entitled to one (1) vote for each Lot owned by such Member. Until Class B Membership terminates, the Class B Members shall be entitled to cast two (2) votes for each vote of a Class A Member of the Association. Therefore, the term "votes entitled to be cast" as used herein, shall mean the total number of class A votes which Class A Members are entitled to cast, plus a sum equal to twice the Class A votes.
C. PROXIES. Votes may be cast in person or by proxy. All proxies shall be in writing and signed by the person entitled to vote and shall be filed with the Secretary prior to the appointed time of the meeting, or any adjournment thereof. A proxy shall be valid for the period of time stated in the proxy or, if none is stated, until the proxy is revoked by the person giving the proxy. Where a Lot is owned jointly by husband and wife, and if they have not designated one of them as the voting member, a proxy must be signed by both husband and wife where a third person is designated..
D. DESIGNATION OF VOTING MEMBER.
(1)
If a Lot is owned by one person, his right to vote shall be established by the recorded title to the Lot. If a Lot is owned by more than one (1) person, who are not husband or wife, the person entitled to cast the vote for the Lot shall be designated in a Certificate, signed by all of the record title Owners of the Lot and filed with the Secretary of the Association. Where a Lot is owned jointly by husband and wife, the following provisions shall be applicable to the casting of the vote for the Lot by such owner.
(a) They may, but they shall not be required to designate a "voting member."
(b) If they do not designate a "voting member", and if both are present at a meeting and unable to concur in their decision upon any subject requiring a vote, they shall lose the right to vote on that subject at that meeting.
(c) Where they do not designate a "voting member", and only one (1) is present at a meeting, the person present may cast only the Lot vote, just as though he or she owned the Lot individually, and without establishing the concurrence of the absent spouse.
(2) If a Lot is owned by a Corporation, the officer or employee thereof entitled to cast the vote of the Lot for the Corporation shall be designated in a Certificate for this purpose, signed by the President or Vice President, attested to by the Secretary or Assistant Secretary, and filed with the Secretary of the Association. If a title to a Lot is held in a partnership name, the person entitled to cast the vote for the Lot shall be designated in a Certificate signed by all of the General Partners of such partnership, who shall state under oath in such Certificate, that the Signing partners constitute all of the General Partners of such partnership and have the right to sign such Affidavit.
(3) A person designated in a Certificate required to be filed hereunder and who is entitled to cast the vote for a Lot shall be known as the "voting member". Such Certificate so filed shall be valid until revoked by the Owner or Owners of the Lot, or until superceded by a subsequently filed Certificate, or until there is a change in the fee simple title ownership of the Lot.
(4) If a Certificate is required to be filed hereunder with the Secretary and such Certificate is not filed, the vote of the Lot concerned shall not be counted in determining the requirement for a quorum, or for any other purpose requiring approval of a person entitled to cast the vote for the Lot, except where such Lot is owned by a husband and wife as provided for above.
E. TRANSFER OF OWNERSHIP. Transfer of the fee simple title to a Lot, from the Lot Owner to another, either voluntarily or by operation of law, shall terminate the Class A Lot Owner's Membership in the Association. The Class A Membership shall vest in the transferee of such Lot when the deed or other instrument vesting fee simple in the transferee is recorded in the Public Records of Broward County, Florida.
Articles I and II - Purpose and Powers -
Definitions
Article III - Membership and Voting
Article IV - Members Meetings
Article V - Directors
Article VI - Officers
Articles VII and VIII - Finances & Assessments and Amendments