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Change §4-Voting power of joint owners

Resolution

Whereas, it has been determined by the Board of Governors of the Corporation that it would be in the best interest of the Corporation to amend Section 4 of the By-laws of the Corporation relating to Members voting requirements.

NOW, THEREFORE, after motion duly made, seconded, and carried, it was hereby resolved as follows:

THAT Paragraph 4 of the By-laws of the Corporation be amended in its entirety to read as follows:

“Each lot shall be entitled to one vote, through its owner(s) of record, either in person, by proxy, or by ballot. Each owner(s), whether singular or plural, individual, corporate, or otherwise, of each lot, improved or unimproved, and each condominium apartment or townhouse in North Shores, shall be a member. When lot, building site, condominium unit, or townhouse is owned of record in joint tenancy or tenancy-in-common, when two or more persons, firms, or entities hold title, the membership as to such properties shall be joint, and the right of such membership, including the voting power arising therefrom for each lot, shall be exercised as they among themselves determine, but in no event shall be more than one vote be cast with respect to any such lot. A vote received for any individual lot shall be deemed valid unless challenged, in writing, by any other joint owner of said lot, and in the event of such challenge, the vote shall not be counted.”

The undersigned, being the Secretary of the corporation, does hereby certify that the above resolution was adopted by the Board of Directors of the corporation on Saturday, July 16, 2005.

Daniel G. Anderson
Secretary