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ARTICLE V

THE ASSOCIATION: THE COUNTRYSIDE VALLEY

HOMEOWNERS ASSOCIATION

 

Section 5.01. Organization.

 

     A. Association. The Association is or shall be a nonprofit Arizona corporation charged with the duties set forth in the Articles, Bylaws and this Declaration. The Association shall be legally constituted and in existence prior to the conveyance of the first Lot.

     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 Lot shall be a member of the Association. The foregoing is not intended to include persons or entities who hold an interest in a Lot merely as security for the performance of an obligation. No Owner shall have more that one membership for each Lot owned.

 

     B. Transfer of Membership. Membership of each Owner (including Declarant) in the Association shall be appurtenant to the Lot owned and shall not be transferred, pledged, or alienated in any way except upon the transfer of ownership to said Lot, and then only to the transferee thereof. Any attempt to make a prohibited transfer shall be void. Any transfer of ownership of a Lot shall operate automatically to transfer said membership to the new Owner thereof.

 



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