Except for members of the Board of Directors appointed by the Declarant, who shall serve until removed and/or replaced by the Declarant, or until replaced by a Director elected by the Owners other than the Declarant as provided herein, the term of office of each member of the Board of Directors shall be two (2) years provided, however, that the terms of approximately half of the Directors elected to the Board by the Owners other than the Declarant may be initially established for one (1) year in order to stagger the terms of Directors.
Upon expiration of such initial one (1) year term, the term for such seats on the Board shall thereafter be two (2) years.
The purpose of the foregoing is to require that each year the terms of approximately one-half of the Directors shall expire and be subject to election.
Any change in the number of Directors or term of office of Directors shall not act to extend or curtail the term of office of any incumbent Director.
Directors shall hold office until their successors have been elected and hold their first regular meeting.
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