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Incorporation, by filing a statement as specified by law in the Office of the Secretary of State of Colorado.
3.1 General: The membership and voting rights provisions contained in the Declaration (including, without limitation, Sections 4.2.1, 4.2.2, 4.2.3, and 4.2.4) are hereby incorporated into these Bylaws by this reference. As Section 4.2.1 states, every owner shall be a Member of the Association and shall remain a Member for so long as that Person continues to be an Owner. The Association shall have only one class of Members and each member shall be entitled to one vote for each Lot owned by such Member.
3.2 Designated Representative: In all cases in which a Member is other than a natural person, such Member shall designate in a written instrument one natural person as the voting' representative of such Member. Such Member shall furnish a copy of such instrument to the Association, and such instrument shall remain in full force and effect until revoked by written instrument filed with the Association or replaced by a subsequent instrument filed with the Association designating a substitute voting representative. Only the voting representative so designed may cast a vote or issue a proxy on behalf of such Member. If such Member fails to designate a voting representative in a written instrument filed with the Association, then such Member shall be treated as having abstained from any vote made by the Members at any meeting held at any time prior to five (5) days after such written instrument is received by the Association.
3.3 Resolution of Voting Disputes: In the event of any dispute as to the entitlement of any Member to vote or as to the results of any vote of the Members, the Board of Directors of the Association shall act as arbitrators and the decision of a disinterested majority of the Board of Directors shall, when rendered in writing, be final and binding as an arbitration award and may be acted upon in accordance with the Colorado Uniform Arbitration Act of 1975, as the same may be amended; provided, however, that the Board of Directors shall have no authority or jurisdiction to determine matters relating to the entitlement of the Declarant to vote or relating to the manner of exercise by the Declarant of its voting rights. No dispute as to the entitlement of any Member to vote shall postpone or delay any vote for which a meeting of the Members has been duly called pursuant to the provisions of these Bylaws if a quorum is present at such meeting.
3.4 Suspension of Voting Rights: The Board of Directors may suspend, after notice and hearing and in accordance with the provisions of Article X, the voting rights of a Member during and (continued next page)
BCIO513.96
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