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200106596 <br />ARTICLE III. <br />ORGANIZATION OF ASSOCIATION <br />1. Formation of Association. The Ponderosa Lake Estates <br />Homeowners Association is a non - profit Nebraska corporation <br />charged with the duties and vested with the powers prescribed by <br />law and set forth in the Articles, Bylaws and this Declaration. <br />Neither the Articles or Bylaws shall, for any reason, be amended <br />or otherwise changed or interpreted so as to be inconsistent with <br />this Declaration. It shall be the responsibility of the <br />corporation to enforce all of the covenants, restrictions and <br />conditions contained in this Agreement. <br />2. Voting Membership. The Owner of each Lot in the Real <br />Estate shall be issued one (1) share of Class A Voting Membership <br />in Ponderosa Lake Estates Homeowners Association and shall be <br />entitled to one (1) vote for each share so issued. No shares <br />shall be issued for the Outlots. <br />3. Transfer of Class A Voting Membership. The share of <br />Class A membership shall run with the land and automatically be <br />transferred to any new owner upon the sale or other transfer of <br />any Lot. <br />4. Board of Directors /Annual Assessment. A Board of <br />Directors consisting of three (3) Members has been established. <br />. <br />The Board of Directors shall control, by majority vote, the <br />14 <br />