The By-laws do reference candidate and voting eligibility...

Section 5.02. Candidates for Election. The eligibility requirements for election to the Board of Directors are as provided in this Section.

(a) Eligibility. All candidates must be one of the owners of record of real property in the Subdivision on the first day of January of the year in which the election is to be held and eligible to vote under Section 3.01(c).

Section 3.01. Voting Rights.

(c) Payment of the annual charge levied by the Board of Directors is a prerequisite to the right to vote. No member may vote if, thirty-five (35) days prior to the voting deadline, the member has failed to pay the annual charge, including any assessed interest levied by the Association. The voting rights of a member may also be suspended during any period the member is in continuing violation of the Declarations of Restrictions after the existence of the violation has been declared by the Board of Directors.

My understanding is that the DR's trump the By-Laws so it seems to me there is a lack of clarity in the By-Laws as to voting/candidate eligibility.  I don't know why the By-Laws allows for a payment after May 1st, up to 35 days before the deadline for voting.  

Pay in full by May 1 and you can vote in upcoming elections. Simple, clear no need to count days etc.

Steve