MEMBERSHIP CERTIFICATES, VOTING
POWER, AND DETERMINATION OF PROPERTY
RIGHTS AND INTERESTS
Section 1. Membership Certificate.
Each member shall be entitled to receive a
certificate of membership, which certificate of membership,
which certificate shall state the number of cotes he is
entitled to cast as a member of the Association.
Each owner of a block, and each condominium project as
described in said Declaration, and each owner
of a block in any and all lands added to the property covered
by said Declaration, as provided by Article VIII, Section 8.10
thereof, by virtue of being such an owner and for so long as he
is such an owner, shall be deemed a member of the Association.
B. Transfer of
Membership. The association membership of each owner
shall be appurtenant to said
block or condominium project and shall not be transferred,
pledged or alienated in any way except upon the transfer of
title to said block or condominium project, and then only to
the transferee of title to said block or condominium project.
Any attempt to make a prohibited transfer shall be void.
Any transfer of title to said block or condominium project
shall operate automatically to transfer said membership to the
new owners thereof.
Section 3. Voting.
Members shall be owners and the number of votes a member may
depend upon the number of acres within each
block, or portion thereof, which the members may own, as
The Owner of a block in Pine
Lakes Ranch shall have four (4) votes for each block owned,
there being 52 blocks in Pine Lakes Ranch, except that in the
event a block therein is divided as provided in Article III of
said Declaration, the votes for such block shall be divided and
the Owner of each half thereof shall have two (2) votes.
Each condominium project in Pine
Lakes Ranch shall have four (4) votes.
The Owner of a block in Pine Lakes Ranch Addition
No. 2, in which there are 17 blocks and in Pine Lakes Ranch
Addition No. 1, when the official plat thereof has been filed,
in which there shall be 15 blocks, shall have two (2) votes for
each block owned except that in the event a block therein is
divided as provided in said Article III of said Declaration,
the votes for such block shall be divided and the owner of each
half thereof shall have one (1) vote.
The owner of each block may, by notice to the
Association, designate a person (who need not be an owner) to
exercise the vote for such block. Said designation
shall be revocable at any time by notice to the Association by
the owner. Such powers of designation and revocation may
be exercised by the guardian of an owner’s estate by his
executor or administrator where the latter’s interest in
said property is subject to administration in his estate.
Owner Disputes. The vote for each such block shall,
if at all, be cast as
a unit, and fractional votes
shall not be allowed. In the event that joint owners are
unable to agree among themselves as to how their vote or votes
shall be cast, they shall lose their right to vote on the
matter in question. If any owner casts a vote
representing a certain block, it will thereafter be
conclusively presumed for all purposes that he or they were
acting with the authority and consent of all other owners of
the same block.
Cumulative Voting. In any election of the members
of the Board, every
owner entitled to vote at such an
election shall have the right to cumulate his votes and give
one candidate, or divide among any number of candidates, a
number of votes equal to the number of votes to which that
owner is entitled in voting upon other matters multiplied by
the number of directors to be elected.
The candidate receiving the
highest number of votes, up to the number of the Board members
to be elected, shall be deemed elected.
Transfer of Voting Right. The right to vote may
not be severed or separated
from the ownership of the block
to which it is appurtenant, except that any owner may give a
revocable proxy as above provided, or may assign his right to
vote to a lessee or beneficiary of the block for the term of
the lease or Deed of Trust, and any sale, transfer or
conveyance of such block to a new owner or owners shall operate
automatically to transfer the appurtenant vote to the new
owner, subject to any assignment of the right to vote to a
lessee or beneficiary as provided herein.