Presented to Owners Sample Clauses

Presented to Owners. During the time that Rockwell Development, Inc. is the Managing Board of Directors, there will be no meetings unless deemed necessary. The proposed annual budget shall be presented at a regularly constituted meeting of the Association to be scheduled at least one month before the commencement of the budgeted year. At such meeting, approval by a quorum of all the owners present either in person or represented by qualified proxy, shall be necessary to ratify the annual budget for the following year. The budget for the prior year shall remain in effect until a new budget is approved. Failure to hold the annual budget meeting by the scheduled time shall not invalidate the budget process for the rest of the year.
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Related to Presented to Owners

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