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200314908 the Rules and Regulations, and the provisions of the Master Deed and Declaration, as they may be amended from time to time, are accepted, ratified, and will be complied with. ARTICLE II. UNIT OWNERS Section 1. Annual Association Meetings. On June 30, 2003, the first annual meeting of the Association shall be held. Annual meetings shall be held on the 30th day of June of each succeeding year, unless such date shall occur on a Saturday, Sunday, or holiday, in which event this meeting shall be held on the successive business day. Pursuant to the reservation of declarant rights and development rights as set forth in Article VI of the Master Deed and Declaration, Declarant shall control the Association. At the meeting when Declarant relinquishes control of the Association, as set forth in Article VI of the Master Deed and Declaration, the original Executive Board shall resign as officers, and all the members including the Declarant shall elect a new Executive Board. At such annual meetings, the Executive Board shall be elected by ballot of the members in accordance with the requirements of Section 4 of Article III of these By -Laws. So long as the Declarant shall own one or more of the units, the Declarant shall be entitled to elect at least one member of the Executive Board who shall serve for a term of one year. The Association may transact such other business at such meetings as may properly come before it. Section 2. Special Members' Meetings. Special meetings of the Association members may be called by the President or Vice President or by a majority of the Executive Board and must be called upon receipt of written request from members holding a majority of the units of the Condominium, each unit having one (1) vote. Notice of a special meeting shall state the time and place of such meeting and the purpose thereof. No business, except that stated in the notice, shall be transacted at the special meeting. Section 3. Place of Meetings. Meetings of the Association members shall be held at the registered office of the Corporation or at such other suitable place convenient to the members as may be designated by the Executive Board. Section 4. Notice of Meetings. It shall be the duty of the Secretary to mail a written notice of each annual or special meeting of the Association at least ten (10) but not more than thirty (30) days prior to such meeting, stating the agenda as well as the time and place where it is to be held, to each owner of record, at their unit address or at such other address as such owner shall have designated by notice in writing to the Secretary. The mailing of a notice of meeting in the manner provided by this Section shall be considered service of notice. Section 5. Order of Business. The order of business at all meetings of the Association shall be as follows: (a) Roll Call. 2