ByLaws - cont.

   4.07– Method of Voting; Proxies.  Each Member shall be entitled to a vote for each Lot owned by such Member. No Member, other than the Developer, shall be entitled to vote at any meeting of the corporation until such Member has presented evidence of ownership of a Lot in HAYNES CROSSING to the Board of Directors, if such evidence is demanded by the Secretary of the corporation, the sufficiency of such evidence to be determined by the members of the Board present at the meeting. The vote of each Member may only be cast by such Member or by proxy given by such Member to his duly authorized representative bearing a date not more than eleven (11) months prior to such meeting. Such proxy shall be filed with the Secretary of the corporation prior to or at the time of the meeting. If title to a lot shall be in the name of two or more persons as Co-Owners, all of such persons shall be Members of the corporation and are referred to herein as “Joint Co-Owners”. Any one of such Joint Co-Owners may vote at any meeting of the Members of the corporation and such vote shall be binding upon such other Joint Co-owner who are not present at such meeting until written notice to the contrary has been received by the Board of Directors in which case the unanimous vote of all such Joint Co-owners (in person or by proxy) shall be required to cast their vote as members. If two or more of such Joint Co-owners are present at any meeting, their unanimous action shall also be required to cast their vote as Members of the corporation. Each Lot is entitled to only one vote regardless of the number of joint Co-owners that exist for a single Lot.

   4.08– Cumulative Voting Denied.  Cumulative voting for Directors shall not be permitted.

Article 5: Directors

  5.01– Management.  The business and affairs of the corporation shall be managed by its Board of Directors who may exercise all such powers of the corporation and do all such lawful acts and things as are not by statute, the Declarations, the Charter, or these Bylaws, directed or required to be exercised or done by the Members.

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