Class B Membership Sample Clauses

Class B Membership. (a) Class B Memberships in the Corporation (each a “Class B Membership” and the holder thereof, a “Class B Member”) shall represent the right to trade on and otherwise utilize the facilities of the Corporation in accordance with and to the extent permitted by this Certificate of Incorporation, the Bylaws and, to the extent not inconsistent with this Certificate of Incorporation, the Bylaws or the Rules. There shall be authorized three thousand six hundred eighty-one (3,681) Class B Memberships, which shall be divided into five (5) series (“Series”) as follows: 1, 402 Series B-1 Memberships (each, a “Series B-1 Membership” and the holder thereof, a “Series B-1 Member”); 867 Series B-2 Memberships (each, a “Series B-2 Membership” and the holder thereof, a “Series B-2 Member”); 128 Series B-3 Memberships (each, a “Series B-3 Membership” and the holder thereof, a “Series B-3 Member”); 641 Series B-4 Memberships (each, a “Series B-4 Membership” and the holder thereof, a “Series B-4 Member”); and 643 Series B-5 Memberships (each, a “Series B-5 Membership” and the holder thereof, a “Series B-5 Member”); (b) Notwithstanding Section B(2)(a) of this Article IV, the Corporation may issue additional authorized but unissued Series B-2 Memberships only in connection with the conversion of Series B-3 Memberships into Series B-2 Memberships pursuant to Section D(3) of this Article IV and no person may become or qualify as a Series B-2 Member at any time by acquiring a theretofore authorized but unissued Series B-2 Membership except as a result of such a conversion. (c) Class B Memberships shall have no right to receive any dividend or other distribution (including upon liquidation, dissolution, winding-up or otherwise) to be declared, paid or distributed by the Corporation. The respective rights and privileges of each Series of Class B Membership shall be as provided in or pursuant to this Certificate of Incorporation and the Bylaws.

Class B Membership. Class B Membership shall be that held by Declarant or any of its Affiliates with respect to the ground leasehold interest in any Lot. The Class B Member shall be entitled to one vote for each one (1) acre of land contained in any Lot with respect to which the Class B Member is the Ground Lessee; provided, however, that (i) with respect to any Lot, the Ground Lesseethereof shall be a Class A Member from and afterthe date on which title thereto is first transferred by Declarant or its Affiliate to a Person other than Declarant or any of its Affiliates, and (ii) in any event, on the Transfer Date the Class B Membership shall forever cease to exist and shall be converted into Class A Membership and voting power. Fractional votes will be permitted. Neither the Common Areas nor any area contained in any street or roadway dedicated to any governmental entity shall be included in the determination of area of land for purposes of BN 32866176vl2 42

Class B Membership. There will be only one holder of the Class B Membership in the Company, and such Person will be the Member of the Company that serves as the Company’s “tax matter partner” (as more particularly identified in Section 8.05 of this Agreement). The holder of the Class B Membership will have no voting rights or distribution rights in the Company, and will receive no allocation of losses or gains on account of its non-equity Membership Interest in the Company.

Class B Membership. As Class B Members of the Association, the Owner(s) hereby agree to comply with, and be bound by and subject to the following: the Association’s Amended and Restated Articles of Incorporation of Woodland Pond Lakefront Association, Inc. (“Articles”), the Association’s Amended and Restated Bylaws of the Woodland Pond Lakefront Association, Inc. (“Bylaws”), Articles II, III, VI, VII, VIII and IX of the Amended and Restated Declaration of Covenants, Conditions and Restrictions For Woodland Pond Lakefront Association, Inc. (“Declaration”), and the Woodland Pond Lakefront Association, Inc. Rules and Regulations (“Rules”), all of which, as they may be amended from time to time, are incorporated herein by reference, and together with this Agreement shall be referred to herein collectively as the “Documents”.

Class B Membership. Class B Memberships in the Corporation (each a “Class B Membership” and the holder thereof, a “Class B Member”) shall represent the right to trade on and otherwise utilize the facilities of the Corporation in accordance with and to the extent permitted by this Certificate of Incorporation, the Bylaws and, to the extent not inconsistent with this Certificate of Incorporation, the Bylaws or the Rules. There shall be authorized three thousand six hundred eighty-one (3,681) Class B Memberships, which shall be divided into five (5) series (“Series”) as follows: 1,402 Series B-1 Memberships (each, a “Series B-1 Membership” and the holder thereof, a “Series B-1 Member”); 867 Series B-2 Memberships (each, a “Series B-2 Membership” and the holder thereof, a “Series B-2 Member”); 128 Series B-3 Memberships (each, a “Series B-3 Membership” and the holder thereof, a “Series B-3 Member”); 641 Series B-4 Memberships (each, a “Series B-4 Membership” and the holder thereof, a “Series B-4 Member”); and 643 Series B-5 Memberships (each, a “Series B-5 Membership” and the holder thereof, a “Series B-5 Member”);

Class B Membership. The Class B Membership has ceased to existNon-Residential Memberships.

Class B Membership. Class B Members shall be the Developer and Builder. Each Class B Member shall be entitled to three (3) votes for each Lot of which it is the Owner with respect to each matter submitted to a vote of the Association. The Class B Membership shall cease and terminate upon the first to occur of (i) the date upon which the written resignation of the Class B Members as such is delivered to the Association; or (ii) at such time as the total votes outstanding in the Class A Membership equal the total votes outstanding in the Class B Membership. Notwithstanding anything herein to the contrary, during the Development Period all actions of the Association shall require the prior written approval of the Developer.