TEL3 By-Laws (3 of 10)
decide on any matter or transact business in any meeting, except in matters or cases in which the Corporation Code or the Condominium Act requires the affirmative vote of a greater proportion,
Section 7. Dissenting Members. If those cases should arise where the Corporation Code grants a dissenting member the right to withdraw from the Corporation and demand payment for his/her/its interest or participation in the Corporation, the dissenting member pursuant to Section 17 of the Condominium Act, shall not be entitled to demand payment of his/her/its interest or participation in the Corporation unless he/she/it consents to sell his/her/its unit in the Project to the Corporation or to any purchaser of the Corporation's choice who shall buy from the Corporation the dissenting member's interest or participation.
In case of disagreement as to price. the procedure set forth in the appropriate provisions of the Corporation Code for valuation of the dissenting member's interest or participation shall be followed. The Corporation shall have two (2) years within which to pay the dissenting member's interest or participation in the Corporation or to furnish a purchaser of its choice from the time of award by the appraisers as provided in the pertinent provisions of the Corporation Code, All expenses incurred in the liquidation of the interest or participation of the dissenting member shall be borne by him/her/it.
ARTICLE III
BOARD OF DIRECTORS
Section 1. Composition, Election and Term of Office. The Corporation shall be governed and its affairs managed and controlled by a Board of Directors (the "Board'") composed of five (5) members who are not delinquent in the payment of their dues and other assessments, each of whom shall serve a term of one (1) year or until their successors are duly elected and qualified.
In case of any vacancy in the Board due to resignation, death or any other analogous cause, the Board is empowered and authorized to designate from among the non-delinquent members of the Corporation a Director or Directors who shall serve as such until the expiration of the term of the Director/s being replaced or until a successor has been elected and qualified.
Any Director may be recalled or removed from office by the affirmative vote of members representing at least two-thirds (2/3) of the total voting power of the Corporation at any general or special meeting. The resulting vacancy shall be filled by election by the members of the Corporation and not by the Directors themselves.
Section 2. Vacancies. Any vacancy occurring in the Board other than by removal by the members of the Corporation or by the expiration of the term of office or results from an increase in the number of directors. may be filled by the vote of the majority of the remaining Directors, if still constituting a quorum, otherwise said vacancy must be filled by the members at a regular or special meeting duly called for ...
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