TEL3 Articles of Incorporation (4 of 6)

SIXTH :     That the number of members of the Board of Directors of the Corporation shall be composed of five (5) Directors and that the names, nationalities and addresses of the first Directors who are to serve until their successors are duly-elected and qualified in accordance with the By-Laws are as follows, to wit :

SEVENTH :     That the capital of the Corporation shall be represented by percentages of participation of the members, which shall be evidenced by a Certificate of Membership issued in such form as the Board of Directors may determine and prescribe.  The percentages of participation of each member shall be equal to the appurtenant interest of his/her/its unit vis-a-vis the common areas of the Project as provided in the Master Deed therefor.

EIGHTH :     That the following-named members have contributed to the Corporation, the amounts set out after their respective names, to wit :

                       

                                                                                                                                                  A

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TEL3 Articles of Incorporation (Page 4 of  6)

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