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Article V - Wood Meadow Community Improvement Association

Wood Meadow II CIA,

ABRIDGED DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR WOOD MEADOW II SUBDIVISION

This document extracts the pertinent information for the Wood Meadows II By Laws.

ARTICLE V - WOOD MEADOW COMMUNITY IMPROVEMENT ASSOCIATION

        Section 1. 

    "Membership"

    Every person or entity who is a record owner of any of the Properties which are subject or which will be subject upon the completion of improvement thereon, to maintenance charge assessment by the Association, including contract Sellers, shall be a member of the Wood Meadow Community Improvement Association. The foregoing is not intended to include persons or entities who hold on interest merely as security for the perfomance of an obligation or those having only an interest in the mineral estates. No owner shall have more than one membership. Membership shall be appurtenant to and may not be separated from ownership of the land which is subject to assessment by the Association. Ownership of such land shall be the sole qualification for membership.


        
Section 2. 
    
        "Voting Rights"

    The Association shall have two classes of membership:


Class A

            Class A members shall be all those Owners as defined in Section 1 with exception of the Declarant. Class A members shall be entitled to one vote for each Lot in which they hold the interest required for membership by Section 1. When more than one persons holds such interest in any lot, all such persons shall be members. The vote for such lot shall be exercised as they among themselves determine, but in no event shall more than one vote be cast with respect to any lot.
Class B

        Class B members shall be Wood Bros. Homes, Inc. and Edgecliff Realty Company, the Declarant defined in the Declaration. The Class b member shall be entitled to three (3) votes for each Lot in which it holds the interest required for membership by Section 1; provided, however, that the Class B membership on the happening of either of the following events, whichever occurs earlier:

        (a) When the total votes outstanding in the Class A membership equal the total votes outstanding in the Class B membership, or

        (b) on January 1, 1988.
The Class A and Class B members shall have no rights as such to Vote as a class, except as required by the Texas Non-Profit Corporation Act, and both classes shall vote together upon all matters as one group.


        Sec
tion 3.

    "Nonprofit Corporation"

    Wood Meadow Community Improvement Association, a nonprofit corporation, has been organized; and all duties, obligations, benefits, liens, and rights hereunder in favor of the Association shall vest in said corporation.


        
Section 4. 
    
        "Bylaws"

    The Association may make whatever rules or bylaws it may choose to govern the organization, provided that same are not in conflict with the terms and provisions hereof.


        Section 5. 
    
        "Inspection of Records"

    The members of the Association shall have the right to inspect the books and records of the Association at reasonable times during the normal business hours.

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