WaterFord Covenants BY-LAWS OF THE LOTS 1-24 THE CRYSTALS A PUD SUBDIVISION The administration of the Lots 1-24 The Crystals a PUD subdivision (L1-24TC), whether by a Board of Managers or a voluntary Association of lot owners or Board of Directors of a Not-For-Profit Corporation, shall be governed by the following By-Laws: A. The lot owners shall form an association. Each lot owner shall automatically and without any other approval or consent be a member of the Association. B. The Association shall have one class of membership. C. The first meeting of the Lots 1-24TC PUD Subdivision shall take place not more than 60 days after 75% of the lots are in an ownership other than that of the Owner or Developer or 2 years after the recording of the Declaration, whichever occurs first. D. Annual meetings of the L1-24TC PUD other than the first such meeting shall be in December. E. A majority of the lot owners shall constitute a quorum for meetings of the Association. F. Special meetings of the lot owner’s Association shall be called by the President, Board of Managers/Directors, or 20% of the lot owners. Continue...