[§514B-102]  Association; organization and membership.  (a)  The first meeting of the association shall
be held not later than one hundred eighty days after recordation of the first
unit conveyance; provided that forty per cent or more of the project has been
sold and recorded.  If forty per cent of the project is not sold and recorded
at the end of one year after recordation of the first unit conveyance, an
annual meeting shall be called if ten per cent of the unit owners so request.



(b)  The
membership of the association shall consist exclusively of all the unit
owners.  Following termination of the condominium, the membership of the
association shall consist of all former unit owners entitled to distributions
of proceeds under section 514B‑47,
or their heirs, successors, or assigns. [L 2004, c 164, pt of §2]