ARTICLE V
THE ASSOCIATION: THE
HOMEOWNERS ASSOCIATION
Section 5.01. Organization.
A. Association.
The Association is or shall be a nonprofit
B. Board
of Directors and Officers. The affairs of the Association shall be conduced
by the Board of Directors and such officers and committees as the Board may
elect or appoint, in accordance with the Articles and Bylaws, as same may be
amended from tine to time. The composition the Board shall be defined in the
Bylaws.
C. Personal
Liability. No member of the Board or any Committee of the Association or
any officer or employee of the Association, or the Declarant shall be
personally liable to any Owner or to any other party, including the
Association, for any damage, loss or prejudice suffered or claimed on account
of any act, omission, error or negligence of the Association, the Board, or any
representative or employee of the
Association, or any Committee or any officer of the Association, provided
that such person has, upon the basis of such information as may be possessed by
him, acted in good faith, without willful or intentional misconduct.
Section 5.02. Membership.
A. Qualification. Each Owner of a
B. Transfer
of Membership. Membership of each Owner (including Declarant) in the
Association shall be appurtenant to the