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ARTICLE V <br /> INCORPORATOR <br /> The name and address of the incorporator of the Association is Paul J. Sandelin, <br /> Sandelin Law Office, 30849 First Street, P.O. Box 298, Pequot Lakes, MN 56472. <br /> ARTICLE VI <br /> DURATION <br /> The duration of the Association shall be perpetual, subject to dissolution as provided <br /> by statute. <br /> ARTICLE VII <br /> CAPITAL STOCK <br /> The Association shall have no capital stock, and shall be organized on a membership <br /> basis. <br /> ARTICLE VIII <br /> MEMBERSHIP <br /> The Association shall be organized on a membership basis. The members shall <br /> consist of owners of the residential units who are approved by the Association, subject to <br /> standards established by statute, governmental regulations and the Declaration and bylaws. <br /> Each member shall have one vote in the affairs of the Association. A membership is <br /> transferable only with the approval of the Board of Directors or pursuant to the Association <br /> Bylaws. The qualifications, right and obligations of the members are more fully described in <br /> the Bylaws, and are incorporated herein by reference to the extent required by law. <br /> ARTICLE IX <br /> DIRECTORS <br /> The first Board of Directors shall consist of at least one (1) natural person, of full age, <br /> who shall serve for a term of one (1)year, or until their successor(s) have been duly elected <br /> and have qualified. The name and address of the persons comprising the first Board of <br /> Directors Is as follows: <br /> Richard O'Donnell <br /> P.O. Box 91 <br /> Crosslake, MN 56442 <br /> ARTICLE X <br /> BYLAWS <br /> The first Board of Directors shall adopt Bylaws for the regulation of the business of <br /> the Association. The Bylaws may be amended as provided therein. <br /> 2 <br />