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<br />,.. <br />. . <br />, <br />. . <br />J" <br />.~ f" " <br />~ .J. <br />\. -' <br />\. <br />:" ,.~?:L <br /> <br />-. <br /> <br />(-. <br /> <br />2. Transfer of Membe~~hip. A membership in the <br />Association and the share of a member in the assets of the <br />Association shall not be assigned, encumbered, or transferred <br />in any manner except as an appurtenance to transfer of title <br />to the lot to which the membership pertains; provided, <br />however, that the rights of membership may be assigned to <br />the holder of a mortgage, deed of trust, or other security <br />instrument on a lot as further security for a loan secured <br />by a lien on such lot. A transfer of membership shall occur <br />automatically upon the transfer of title to the lot to which <br />the membership pertains, but the Association shall be entitled <br />to treat the person or persons in whose name or names the <br />membership is recorded on the books and records of the <br />Association as a member for all purposes until such time as <br />evidence of a transfer of title, satisfactory to the Associa- <br />tion, has been submitted to the Secretary. A transfer of <br />membership shall not release the transferor from liability <br />for obligations accrued incident to such membership prior to <br />such transfer. In the 'event of dispute as to ownership <br />appurtenant thereto title to the lot as shown in the records <br />of the County Clerk and Recorder shall be determinative. <br /> <br />3 Votinq. Each member being present in person or by <br />proxy shall be entitled to one vote for each lot owned by <br />said member. <br /> <br />4. Quorum. The presence either in person or by proxy <br />of a majority of the membership of record shall constitute a . <br />quorum of the Association for all purposes unless the represe~a- <br />tion of a larger group shall be required by law, by the <br />Articles of Incorporation, or by these By-Laws. <br /> <br />,. ,. <br /> <br />5. <br />Proxies <br />time of <br /> <br />Proxies. Votes may be cast in person or by proxy. <br />must be filed with the Secretary before the appointed <br />each meeting. <br /> <br />ARTICLE IV <br /> <br />Administration <br /> <br />1. General. The members of the Association will have <br />the responsibility of administering the subdivision through <br />a Board of Directors as herein provided. <br /> <br />2. Place of Meetinqs. Meetings of the Association <br />shall be held at such place as the Board may determine. <br /> <br />3. _ Annual Meetinqs. The annual meetings ~f members <br />of the Association shall be held on the 5-u,;"(J t/~IOAY or <br />~N~n~V or at such other time as the members <br />may by majority vote approve. At such meeting, members <br />shall be elected to the Board in accordance with the requirements <br />set forth herein. The members may also transact such other <br />business of the Association as may properly come before <br />them. <br /> <br />- 2 - <br />