Title Documents submission

reat 8k5715°60188 » regular annual Proprietors meeting. If such replacement Trustee is not so approved by the Proprietors, such appointment shall end and the Committee of Managers shall appoint another replacement Trustee as aforesaid. FIFTH: THAT there shall be a Committee of Managers composed of 9) members (each member of the Committee of Managers is referred to herein as a Each nine ( "Manager" and the Managers are collectively referred to as the "Managers"). Manager shall be a Proprietor or the spouse of a Proprietor and shall be a natural person over the age of eighteen (18) years whose primary residence is located on any Benefitted Lands and whose primary residence shalt have been located on any Benefitted Lands for no less than five (5) years at the time of election as a Manager. Each Manager shall be elected at the Annual Meeting of Proprietors by a vote of the Proprietors. Each Manager shall be elected for a three (3) year term and may be elected for as many terms as the Proprietors may desire, provided, however, that no Manager shall serve as a Manager for more than three consecutive terms. The Managers shall be divided into three classes of three Managers each, so that one third of the Managers are elected in any year. At the first regular annual meeting of Proprietors after this First Amendment takes effect, the Proprietors shall elect three (3) Managers whose terms shall be for one (1) year, three (3) Managers whose terms shall be for two (2) years and three (3) Managers whose terms shall be for three (3) years. Thereafter, Managers shall be elected to three (3) year terms, At each regular annual meeting of the Proprietors, the Proprietors shall elect one Manager (whether then elected to a new term or in the process serving a term that continues until at least the next annual meeting) to serve as the Chairman of the Committee of Managers and such Manager shall serve as Chairman until the earlier of the date upon which a new Chairman shall be elected or until the Chairman shall cease to be iw