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Why is Reid Smith a board member?

Pursuant to Section 3.3 of the Bylaws of the Association, members of the Board of Directors “shall be appointed by the Class “B” Member acting in its sole discretion and shall serve at the pleasure of the Class “B” Member until the first to occur of the following:

(a)  When 75% of the maximum total number of units proposed by the Master Plan for the property… have certificates of  occupancy issued thereon and have been conveyed to Persons other than Builders”;

(b)  December 31, 2025; or

(c)  When, in its sole discretion, the Class “B” Member so determines.”

Therefore, the Class “B” Member Riverwood on the Neuse has the authority to appoint a majority of the members of the Board of Directors until 75% of the total units at Riverwood Athletic Club have been built. Reid Smith and Brent Wood are currently appointed by the Class “B” Member. Matt Zaske is currently the only member of the Board of Directors that has been voted onto the Board by the homeowners.

 

 

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