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<br /> Owners shall among themselves determine , and in no event shall more ,� �,
<br /> than one vote be cast with respect to said Lot . '{"
<br /> ( 2 ) Each membership of each Resident Member shall appertain +;
<br /> to and be wholly coterminous with the duration of the equitable �,'.�
<br /> interest of such member as owner or contract purchaser of a ''
<br /> residential lot or a townhouse 2ot or dwelling unit within the � "
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<br /> limits of any real property included in membership and shall be r =
<br /> terminated forthwith upon the termination by death , by gift , by
<br /> sale or other voluntary or involuntary transfer or by other ;�
<br /> means of such equitable interest . �,ti;`; �
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<br /> d . EQUALIZATION OF VOTING : At such time as the Board of Di - �•
<br /> rectors shall be informed that the total number of votes held ��: ^ ';
<br /> and exercisable by the Resident Members equals or exceeds the
<br /> number of votes held and exercisable by the Declarant Member
<br /> or , on December 31 , 1981 , whichever event is the earliest to
<br /> occur , then in either of such events , the votes held and ex- rii�:
<br /> ercisable by the Declarant Members shall be one vote per Lot . ' '
<br /> ��� r '
<br /> e . MEETINGS : Meeting of inembers shall be held as follows : �
<br /> c;
<br /> ( 1 ) Annual meetings of the members shall be held on the 'x ��
<br /> second Tuesday in December of each calendar year beginning in : "
<br /> 1978 at the operating headquarters or wherever directed by the � r � �',;
<br /> Board of Directors . ;%;
<br /> n; K :';
<br /> ( 2 ) Special meetings may be held upon call by the Board of ""
<br /> Directors at the operating headquarters or wherever directed by ��
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<br /> the Board of Directors . � A'�y �
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<br /> ( 3 ) The President , the Vice President , or a substitute ``
<br /> shall preside at , and the Secretary or a substitute shall re- w,
<br /> ��'�,.'
<br /> cord the minutes of all meetings of inembers . ""
<br /> ( 4 ) A majority of the members of either class present in �'
<br /> person or by proxy shall constitute a quorum for any meeting of
<br /> the members , except as otherwise required by the Declaration on
<br /> any issue .
<br /> ( 5 ) Each Resident Member and Declarant Members shall be en -
<br /> titled on the election of the directors to cast in person or
<br /> by proxy as many votes cumulatively or otherwise for each such
<br /> membership held as there are directors to be elected and shall
<br /> be entitled on any other matter or question voted upon by such
<br /> members or by proxy one vote for each such membership held , pro -
<br /> vided that no limitations contained herein with respect to the
<br /> voting or holding of proxies shall apply with respect to the
<br /> Declarant Members .
<br /> ( 6 ) Unless otherwise required by these by - laws or the Declara -
<br /> tion , the majority vote of the entire number of votes of Members
<br /> present in person or by proxy at any annual meeting or the majority
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