SECTION 3: MEMBERS 3.3.1 Annual Meetings

There shall be at least one (1) annual meeting of the Members the purpose of which shall be to elect successor(s) to the Board of Trustees in addition to any and all other regularly scheduled business to be considered by the Members at such annual meeting. The first annual meeting of the Members shall be held no later than two (2) months after the date on which the last Sublot in Phase IV of the Subdivision is sold by the Developer. Thereafter, the annual meeting of Members shall be held on the annual calendar anniversary date of the date of such first meeting, unless such day shall be a legal holiday, in which case the annual meeting shall be held on the next succeeding business day. Notwithstanding the foregoing, the Board shall have the right to designate a new date for holding the annual meeting in order to cause the annual meeting to be held on a date which is convenient for the greatest number of Members and permit the proper preparation of Financial Statements and budgets.