3.04 - Board of Directors
(a) The powers of the Association shall be vested in, exercised by, and under the authority of, and the affairs of the Association shall be controlled by a Board of Directors consisting of nine persons who need not be Members.
(b) Directors shall be elected at the first annual meeting of Members, and terms shall be staggered, so that four Directors and five Directors shall be elected respectively in alternating years. At the first annual meeting of Members, and at each annual meeting of members thereafter, Directors shall be elected for two year terms of office and shall serve until successors are elected and qualified.
[i] At the first annual meeting of Members and thereafter, until the first annual meeting of Members for which the Association certifies that there are 1,200 or more Completed Units, Director position 1 shall be elected only by the Class A, Class B, Class C and Class D Members voting together as a single Class. At the first annual of Members for which the Association certifies that there are 1,200 or more Completed Units and thereafter, Director position 1 shall be elected only by the Class B Members.
[ii] Director position 2 shall be elected by the Class E Members at the first annual meeting of Members. At the second annual meeting of Members and thereafter until the first annual meeting of Members for which the Association certifies that there are 1,200 or more Completed Units, Director position 2 shall be elected by the Class A, Class B, Class C, and Class D Members, voting together as a single Class. At the first annual meeting of Members at which the Association certifies that there are 1,200 or more Completed Units, and thereafter, Director position 2 shall be elected only by the Class A Members.
[iii] Director position 3 shall be elected by the Class E Member until the first annual meeting of Members for which the Association certifies that there are 1,200 or more Completed Units. At that annual meeting of Members and thereafter, Director position 3 shall be elected only by the Class C Members.
[iv] Director Position 4 shall be elected by the Class E Member until the First annual meeting of Members for which the Association certifies that there are 2,400 or more Completed Units. At that annual meeting and thereafter, Director position 4 shall be elected only by the Class A Members.
[v] Director position 5 shall be elected by the Class E Member until the first annual meeting of Members for which the Association certifies that there are 3700 or more Completed Units. At that annual meeting of Members and thereafter, Director position 5 shall be elected only by the Class D Members.
[vi] Director Position 6 and 7 shall be elected by the Class E Member until the first annual meeting of Members for which the association certifies that there are 5,200 or more Completed Units. At that annual meeting of members and thereafter, Director Position 6 shall be elected only by the Class A Members and Director position 7 shall be elected only by the Class C Members.
[vii] Director Positions 8 and 9 shall be elected by the Class E Member during the Development Period. At the first annual meeting of Members after the end of the Development Period and thereafter, Director position 8 shall be elected only by the Class A Members, and Director position 9 shall be elected only by the Class B Members.