 |
By-Laws |
ARTICLE XI
Fiscal Management
Section 1. Fiscal Year. The fiscal year of the Association shall begin on the first day of January of every year, except for the first fiscal year of the association which shall begin on the date of Incorporation. The commencement date of the fiscal year herein established shall be subject to change by the Board of Directors should corporate practice subsequently dictate.
Section 2. Books and Accounts. Books and accounts of the Association shall be kept under the direction of the Treasurer in accordance with good accounting practices. The same shall include books with detailed accounts, in chronological order, of the receipts and of the expenditures of the Association and its administration and shall specify the maintenance and repair expenses of the Common Areas and any other expenses incurred. An account of any reserves established by the Board of Directors, including additions thereto and disbursements thereof, shall be maintained. That amount of any assessment required for payment of any capital expenditures of the Association shall be credited upon the books of the Association to the "Paid-in-Surplus" account as a capital contribution by Members.
Section 3. Auditing. At the close of each fiscal year, the books and records of the Association shall be inspected by an independent Accountant whose report shall be prepared in accordance with generally accepted Financial Reporting standards. Based upon such report, the Association shall furnish its members with annual financial statements reflecting the income, expenditures and reserves of the Association and its condition at the close of such fiscal year.
Section 4. Inspection of Books. The books and accounts of the Association shall be available for examination by Members or their duly authorized agents or attorneys, and to first mortgagees of record of any Lot of their duly authorized agents or attorneys, during normal business hours and for purposes reasonably related to their interest.
Section 5. Execution of Corporate Documents. With prior authorization of the Board of Directors, all notes and contracts shall be executed on behalf of the Corporation by either the President or Vice President, and all checks shall be executed on behalf of the Association by the President or Treasurer or such other officers, agents, or other persons as are from time to time so authorized by the Board of Directors.
Section 6. Seal. The Board of Directors shall provide a suitable corporate seal containing the name of the Association, which seal shall be in the charge of the Secretary. If so directed by the Board of Directors, a duplicate seal may be kept and used by the Treasurer or any assistant secretary or assistant treasurer.
ARTICLE XII
Amendments
These By-Laws may be amended by a vote of fifty-one percent (51%) of the eligible votes entitled to be case by Members, at any meeting of Members duly called for such purpose. Amendments shall be proposed by the Board of Directors or by petition signed by at least one-third (1/3) of Members. A description of any proposed amendments shall accompany the notice of any regular or special meeting at which such proposed amendment is to be voted upon.
ARTICLE XIII
Miscellaneous
Section 1. Conflict. These By-Laws are subordinate and subject to all provisions of the Declaration. In the event of any conflict between these By-Laws and the Declaration, the provisions of the Declaration shall control.
Section 2. Committees. There shall be no standing committees of the Association. The Board of Directors may, however, from time to time, appoint such committees as it considers necessary or appropriate from the membership of the Corporation, each of which shall consist of a chairman and at least two (2) other members. Any committee so appointed shall serve at the pleasure of the Board of Directors.
Section 3. Severability. In the event any provision or provisions of these By-Laws shall be determined to be invalid, void or unenforceable, such determination shall not render invalid, void or unenforceable any other provision hereof which can be given effect.
Section 4. Waiver. No restriction, condition, obligation or provision of these By-Laws shall be deemed to have been abrogated or waived by reason of any failure or failures to enforce the same.
Section 5. Captions. The captions contained in these By-Laws are for convenience only and are not a part of these By-Laws and are not to be used to interpret or defind the provisions of these By-Laws.
Section 6. Member and Gender. Whenever in these By-Laws the context so requires, the singular number shall include the plural and the converse; and the use of any gender shall be deemed to include all genders.
The undersigned, being those persons constituting the first Board of Directors, acknowledge approval of these By-Laws by their signatures hereto.
Section 2. Books and Accounts. Books and accounts of the Association shall be kept under the direction of the Treasurer in accordance with good accounting practices. The same shall include books with detailed accounts, in chronological order, of the receipts and of the expenditures of the Association and its administration and shall specify the maintenance and repair expenses of the Common Areas and any other expenses incurred. An account of any reserves established by the Board of Directors, including additions thereto and disbursements thereof, shall be maintained. That amount of any assessment required for payment of any capital expenditures of the Association shall be credited upon the books of the Association to the "Paid-in-Surplus" account as a capital contribution by Members.
Section 3. Auditing. At the close of each fiscal year, the books and records of the Association shall be inspected by an independent Accountant whose report shall be prepared in accordance with generally accepted Financial Reporting standards. Based upon such report, the Association shall furnish its members with annual financial statements reflecting the income, expenditures and reserves of the Association and its condition at the close of such fiscal year.
Section 4. Inspection of Books. The books and accounts of the Association shall be available for examination by Members or their duly authorized agents or attorneys, and to first mortgagees of record of any Lot of their duly authorized agents or attorneys, during normal business hours and for purposes reasonably related to their interest.
Section 5. Execution of Corporate Documents. With prior authorization of the Board of Directors, all notes and contracts shall be executed on behalf of the Corporation by either the President or Vice President, and all checks shall be executed on behalf of the Association by the President or Treasurer or such other officers, agents, or other persons as are from time to time so authorized by the Board of Directors.
Section 6. Seal. The Board of Directors shall provide a suitable corporate seal containing the name of the Association, which seal shall be in the charge of the Secretary. If so directed by the Board of Directors, a duplicate seal may be kept and used by the Treasurer or any assistant secretary or assistant treasurer.
ARTICLE XII
Amendments
These By-Laws may be amended by a vote of fifty-one percent (51%) of the eligible votes entitled to be case by Members, at any meeting of Members duly called for such purpose. Amendments shall be proposed by the Board of Directors or by petition signed by at least one-third (1/3) of Members. A description of any proposed amendments shall accompany the notice of any regular or special meeting at which such proposed amendment is to be voted upon.
ARTICLE XIII
Miscellaneous
Section 1. Conflict. These By-Laws are subordinate and subject to all provisions of the Declaration. In the event of any conflict between these By-Laws and the Declaration, the provisions of the Declaration shall control.
Section 2. Committees. There shall be no standing committees of the Association. The Board of Directors may, however, from time to time, appoint such committees as it considers necessary or appropriate from the membership of the Corporation, each of which shall consist of a chairman and at least two (2) other members. Any committee so appointed shall serve at the pleasure of the Board of Directors.
Section 3. Severability. In the event any provision or provisions of these By-Laws shall be determined to be invalid, void or unenforceable, such determination shall not render invalid, void or unenforceable any other provision hereof which can be given effect.
Section 4. Waiver. No restriction, condition, obligation or provision of these By-Laws shall be deemed to have been abrogated or waived by reason of any failure or failures to enforce the same.
Section 5. Captions. The captions contained in these By-Laws are for convenience only and are not a part of these By-Laws and are not to be used to interpret or defind the provisions of these By-Laws.
Section 6. Member and Gender. Whenever in these By-Laws the context so requires, the singular number shall include the plural and the converse; and the use of any gender shall be deemed to include all genders.
The undersigned, being those persons constituting the first Board of Directors, acknowledge approval of these By-Laws by their signatures hereto.