Examples of Declarant Control Period in a sentence
Subject to the Declarant’s right to appoint the officers during the Declarant Control Period, the officers shall be elected by the Board for one-year terms at the first meeting of the Board of Directors following each annual meeting of the Members.
After the Declarant Control Period and upon transition to homeowner control, an entirely new Board shall be elected at such transition meeting, regardless of any remaining terms of any elected directors.
Within 60 days, or such other period as may be required by the Act, after expiration or termination of the Declarant Control Period, the Declarant shall deliver to the Association all property, books and records of the Association required by the Act to be delivered to the Association.
During the Declarant Control Period, the Declarant shall have the authority to appoint and remove directors.
After the expiration of the Declarant Control Period, the Board of Directors may be expanded or contracted by a duly adopted written resolution of the Board of Directors; provided, however, staggered terms of directors shall be preserved and further provided that any contraction of the Board of Directors shall be effective only upon the affirmative vote of a majority of the Total Voting Power of the Association.