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By-Laws |
BY-LAWS OF
HURRICANE HAVEN OWNERS, INC.
A Non-profit Corporation
ARTICLE I
Name and Location
The name of this corporation is Hurricane Haven Owners, Inc. Its initial principal office is
located at Supply, Brunswick County, North Carolina.
ARTICLE II
Purpose
ARTICLE II
Purpose
The purpose of this Corporation is to conserve the environment and amenities of the residential community known as Hurricane Haven, to provide for the preservation, maintenance and management of certain Common Areas located within said residential community, and to promote the health, safety and welfare of the owners, their licensees and invitees, of said community, all consonant with the provisions of its Articles of Incorporation, these By-Laws and the Declaration of covenants and restrictions hereinafter mentioned, and as a membership corporation no part of whose income or assets shall, at any time, inure to the benefit of or be distributed to any of its members.
ARTICLE III
Definitions
ARTICLE III
Definitions
Section 1. Declaration. "Declaration", as used herein, means that certain Declaration made the 1st day of December, 1975, by Hurricane Haven, Inc., a corporation organized and existing under the laws of the State of North Carolina, which Declaration is recorded in the Register of Deed's Office of Brunswick County, North Carolina.
Section 2. Corporation. "Corporation" or "Association", as used herein, means Hurricane Haven Owners, Inc., and its successors and assigns, or, upon merger or consolidations with another corporation or corporations, the corporation surviving such merger or resulting from such consolidation.
Section 3. Other Definitions. Unless it is plainly evident from the context that a different meaning is intended, all other terms used herein shall have the same meaning they are defined to have in the Declaration.
ARTICLE IV
Membership
Section 2. Corporation. "Corporation" or "Association", as used herein, means Hurricane Haven Owners, Inc., and its successors and assigns, or, upon merger or consolidations with another corporation or corporations, the corporation surviving such merger or resulting from such consolidation.
Section 3. Other Definitions. Unless it is plainly evident from the context that a different meaning is intended, all other terms used herein shall have the same meaning they are defined to have in the Declaration.
ARTICLE IV
Membership
Section 1. Association Membership. The Association shall have one class of voting membership. Members shall be all Owners who shall be entitled to one vote for each Lot owned. When more than one person holds an interest in any Lot, all such persons shall be members. The vote for such Lot shall be exercised as they among themselves determine, but in no event shall more than one vote be cast with respect to any Lot.
Section 2. Membership Certificates. Membership in the Association shall be evidenced by a membership certificate which shall state the name of the registered holder(s) of the membership and which shall be in such form as shall be approved by the Board of Directors of the Association. Membership certificates shall be consecutively numbered, bound in one or more books, and shall be issued therefrom upon certification as to the transfer of title to the Lot to which such membership is appurtenant. Membership is not otherwise transferable. Every membership certificate shall be signed by the President or Vice President and the Secretary or an Assistant Secretary of the Association and shall be sealed with the corporate seal of the Association.
Section 3. Lost Certificates. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate previously issued by the Association and alleged to have been destroyed or lost, upon the making of an affidavit of that fact by the Member holding the certificate said to be lost or destroyed. When authorizing such issuance of a new certificate, the Board of Directors may, in its discretion as a condition precedent to the issuance thereof, require the Member holding such lost or destroyed certificate or his legal representative, to advertise the same in such manner as the Board of Directors shall require and to give the Association a bond in such sum as the Board of Directors shall require as indemnity against any claim that may be made against the Association.
Section 4. Liquidation Rights. In the event of any voluntary or involuntary dissolution of the Association, each Member of the Association shall be entitled to receive out of the assets of the Association available for distribution to the Members an amount equal to that proportion of such assets which the number of eligible votes held by such Member bears to the total number of eligible votes held by all Members.
Section 2. Membership Certificates. Membership in the Association shall be evidenced by a membership certificate which shall state the name of the registered holder(s) of the membership and which shall be in such form as shall be approved by the Board of Directors of the Association. Membership certificates shall be consecutively numbered, bound in one or more books, and shall be issued therefrom upon certification as to the transfer of title to the Lot to which such membership is appurtenant. Membership is not otherwise transferable. Every membership certificate shall be signed by the President or Vice President and the Secretary or an Assistant Secretary of the Association and shall be sealed with the corporate seal of the Association.
Section 3. Lost Certificates. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate previously issued by the Association and alleged to have been destroyed or lost, upon the making of an affidavit of that fact by the Member holding the certificate said to be lost or destroyed. When authorizing such issuance of a new certificate, the Board of Directors may, in its discretion as a condition precedent to the issuance thereof, require the Member holding such lost or destroyed certificate or his legal representative, to advertise the same in such manner as the Board of Directors shall require and to give the Association a bond in such sum as the Board of Directors shall require as indemnity against any claim that may be made against the Association.
Section 4. Liquidation Rights. In the event of any voluntary or involuntary dissolution of the Association, each Member of the Association shall be entitled to receive out of the assets of the Association available for distribution to the Members an amount equal to that proportion of such assets which the number of eligible votes held by such Member bears to the total number of eligible votes held by all Members.