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20001030. ARTICLE If Membership Ownership of a Condominium Unit is required to qualify for membership in this Association. Any person or entity, on becoming an Owner of a Condominium Unit, shall automatically become a Member of this Association and be subject to these Bylaws. If more than one person or entity owns an ownership interest in any Condominium Unit, all such persons or entities shall be Members. Membership shall terminate without any formal Association action whenever any such person or entity ceases to own a Condominium Unit, but such termination shall not relieve or release any such former Owner from any liability or obligation to the Association or impair any rights or remedies which the Association may have against such former Owner arising out of or in any way connected with ownership of a Condominium Unit and membership in the Association. No certificates of stock or membership shall be issued by the Association, but the Board may, if it so elects, issue membership cards to the Owners. Such membership card shall be surrendered to the Association whenever ownership of the Condominium Unit designated thereon shall terminate. ARTICLE III Members' Meetings 3.1 Annual Meetings. The annual meeting of the Association Members shall be held at the office of the Association, or at such other place as shall be determined by the Board, at 10:00 a.m. Central Standard Time, on the first Saturday following the second Monday of the first month of each fiscal year, or such other time as shall be determined by the Board, for the purpose of electing members of the Board and transacting any and all other business authorized to be transacted by the Members. 3.2 Special Meetings. Special meetings of the Association Members shall be held whenever called by any member of the Association. 3.3 Notice of All Meetinn s. Notice of all meetings shall be given by the President or Secretary. Such notice shall be given in writing to each Member at such Member's mailing address as it appears in the books of the Association and shall be mailed prepaid, by United States mail, not less than ten (10) days nor more than fifty (50) days prior to the date of the meeting. The person giving such notice shall furnish proof of mailing by filing with the Association an appropriate affidavit. The Members may waive notice of any and all meetings before or after such meetings. The notice of any meeting must state the time and place of the meeting and the items on the agenda, including the general nature of any proposed amendment -2-