Name, Purpose, and Location
Section 1. Name
The name of this corporation is LA VETA MONTEREY CONDOMINIUM ASSOCIATION, INC., a California non-profit corporation, its successors and assigns.
Section 2. Purpose
This Association shall be formed and shall operate as an incorporated association immediately after the adoption of these By-Laws by the incorporating directors as set forth in the Articles of Incorporation of this corporation. An organizational meeting of members shall occur within forty-five (45) days after the close of sale of the first unit in the project which represents the fifty-first (51st) percentile interest authorized for sale under the first Public Report, but no later than six (6) months after the close of sale of the first unit in the project.The purpose of the Association is to perform the powers and duties thereof, as set forth in these By-Laws and in the Declaration of Covenants, Conditions and Restrictions, hereinafter referred to as the "Declaration," heretofore recorded for the benefit of the project and for the benefit of all purchasers and owners of residential units in the project. Should there be in any inconsistency between the provisions of these By-Laws and the Declaration, the provisions of the Declaration shall control.
Section 3. Location
The Association shall have it principal office at the condominium project site, in the City of Orange, County of Orange, State of California or as close thereto as practicable within said City as the Board may determine or as the affairs of the Association may require from time to time.