f1!-! ":"i.~O5rAG£6R6 - NC

Transcription

f1!-! ":"i.~O5rAG£6R6 - NC
!!!!f1!-!
":"i.~O5rAG£6R6
BYLAWS
OF
LAKE N(MIMAHAIRPARX(MiERS' ASSOC'IATIC*.
INC.
lRTIa.E [
HIM OM LocetioD
The MM of tho corporation
is LAKEJKlRMAIliRPAM( OWIIERS' A~I1TI~.
INC.. herejuefter
referred lo as Ulbe l88ocjationu.
The principal
office of
tho Association
sbaJI JJOlocated at 207 South Broad Street. MooresvilJe.
Iort))
Caro) i na 28115. or at such other p lace as the Board of Directors
..y dee8
convenient or tho 4ffairs
of the Association may require,
provided that
~eting8
of ~rs
and directors
may be beld at such place end location in the
State of North Carolina as 8aY be agreed upon by the 88jority
of tbe Board of
Directors.
AJrrICLE II
Definitions
!be following
prohibit)
Shall
1.
~ords wben used in these Bvlaws (unless the context
have the fotlowin9 .-aning:
"Associationu sbe] I ~an and refer to
shall
LAKE NORMANAIRPARK OWNERS'
ASSOCIATIOJ. INC.. a not-for-profit
corporation organized and existinv
the laws of the State of NOrth Carolina. its successors and assigns.
under
2. ..~
Area(s,- shalJ 8aR alNl refer to anY and 411 real property OWfIed
by the Association.
or such other property to ""ich the Association
8Y hold
legll
title
whether in fee or for 4 ten. of yeers. for the non-exclusive
use,
benefit and enjO¥8enl of the Association subject to the prONisions of the
Declaration.
Com8OnAreas with respect to the Properties .ede subject to the
Declaration.
whether at tbe ti8e of filing
of the Declaration
or subSequently
by supplementary Decl.ralion(s).
Shall be as defined and bounded ~ pr~ly
referenced .nd recorded plat(s) designated thereon as "C~n
Areas". "C4-.M)n
Open Space-.
or -A8enity (or A8enities) Area.J.
"Declantion"
sM11 _n
refer to the Declaration
of CoveMnts.
Conditions and Restrictions
applicable to the Properties and which is recorded
in the Office of the Register of Deeds for Iredell County. Kortb Carolina.
together with any 8UPpl~nts
thereto.
4.
"Declarants"
and assigns.
shatl
mean and refer
to ThD8as S. Wilson.
his
successors
5.
"Lot- sha!l aean and r.t.r
to any lot of lam or pert tbereot to be used
for single-familY
residential
purposes and so designated on any subdivision
plat or survey of LAKE NORIkN AIRPlRK SUbdivision, or any portion thereof,
Which she. i appear of pub. ic record.
6. "Re8ber" 8M II .an a..s refer
me8bersbip in the Association.
to any penOll or other
entity
wIG holds
7. uOwner-shall _an at.s refer to the ..eCOrd_r,
whether one or Imre
persons or .ntities,
ot the tee jnter..t
in any Lot wbicb is a Part of LAkE
JtOJIMAN
AIRPARK~ivj.ion.
exc:I udillg. I\Otfever. toose parties
having BUd!
interest
..rely
as a security
interest for the performance of en obiigotioo.
8.
"Person- sbe 11 88all a..s refer to . natural person. as well as a
corporation,
Partnership,
firm. associ.tion.
trust or other legal entity.
The
use of the 88scul ine pronoun sboll include the neuter and feminine, end the use
of the singular sbell include tbe plurll wbere tM cont.xt so re~ir...
,.
"Properties"
or "ProPerty" _MIl _aft and refer to any and .11 of that
certain
real proPerty BOWor 1ItIicit llaY hereafter lie br~gbt
within tllet certain
residential
subdivision
in Ired.11 County. North Carolina.
which sUbdivision is
and shall be CcmDOnly known as -LaKE NOJUIlI AIRPARK."
""4(\~
~cn
\J.J",'Jrl~[U:, I
10. -LAKE KORIIN AIRPARK-8b.IJ 88on and refer to that ~ertain re8i«-nlial
aubdlvisiJlnOWllas LAKENO8J AIRPARK""I~h is beilS developed 011r.al
property jn lredeJJ COunty. North Caro}jR8. and a. shown with su~h additions
thereto a8 MY frti.
to ti88 be designated by Decl8rants. wIt.tller or not
8u~b additions are contiguous with or adjoin tbe ~ry
lines or LAKEHORMAN
AIRPA.-.
ARl'I CLE III
Ne8b8rsltip
Section I.
Ellery perBODor entity Who is tile OIInerof record of a fee
is purC1!8sing
oneor .re Lots .mere contrect or
interest in anyLot or .
.urcllase a~nt
within the Properties shall be I llellber of the Association,
subject to and bound by the A88ociatioh's
Article8 of Incorporetion,
Hrlawe,
rule. and regulation8.
The foregoing is not intended to include persoD8 or
eotitjes
~ bold an Jnterest ift any Lot mere I,. as security for the ,.rf«8ance
of aD obliretion.
Ownership of .uch Lot aball be tbe sole qualifiCition
for
I188bership. VIIen any Lot. i8 owned of record in joint tenancy or tenancy in
c~
or by ...
other legal entity,
or when ttlO or .re
pel"8O" or ottler
189&1 entity is pUrchl8inv one or more Lots under a eontr.ct or etre888nt of
purclla..,
tile ~tBbi
p a8 to such Lot (s) sbe) I lie Joi nt elld tM right of such
Mmber8l\ip pertaining to voting powers arising tJlerefna 8M1 I be exercised
only as stipulated in Article V hereinbelow.
S'-ction 2. ~jng
any perjcMI in which a IIe8Ier shel I be in defeult in tbe
P8YD6nt of any annual, 8pecial or other periodic e88e8S88nt levied br tile
As8ociation,
the votiD8 rights and right to use of tbe Co88Dn Area8 or an1
o~b8r facilities
Which the A880ciation may provide ..y be suspended bY the
Board of Directors until such 8SS888Dent is paid.
In the event of violation br
. t'-b8r of any rules or repletions _teblislled ", the &IIrd of Direclon,
8ucb Me8ber's voting end use ri,hta may be 8uspended br tbe Boord after e
hearin, at "'jcJI tile gene,.a. requirements of due process alia) I .. ~.
Sucb bearing sholl be held br tbe Boar« (or a c~ittee
tbereof) after giving
8ucb ~r
ten (10) deya prior written notice specifying each elleged
violation
and setting t- ti_,
.I~e
am dete of the hearing.
DeterainaUon
of violation
sholl be 8de br a llljority
vote of the BoIr4 or the Ca81ttee
thereof.
Seetjon 3. Ho 8e11bersbipor
jllitiation
Members
be requiredto payat anYt-
tee SMI)
any ~nt
118clrarged, 00,. all
to carn on tbe Mine88 of
the Association exca.t to pay whendue the Cborv88, asses888Dtsand special
asae"Rts
levied uponeach Me8lJ8r'sLot 18 sf8cified in tile DecI8ratiOft,
the.. Bylaw., or as the Rember8of the Association 8Iy fra8 tt.. to tUDe
hereafter adopt.
ARTICLE IV
K!Bt&D8S 2' H8IIers
Section 1, The first eMu.1 ..ting
of tbB Ke8bers 81'811 be lI.ld
before ninety (gol d8YS fran December 31. 1990. or Oft 8uch dat. and
place and ti89 the Board of Directors shell PrO'Iide in its _ice
Jl88b8'rB. and each subs"uent alllltla) meeting 01 tM ""'1'8
shall be
8~
day of tbe alDB DDftth of each Y8ar thereaft.r.
If tb. dAY for
...ting
of the ~
ia
.
lag.. bolidey.
the me.tins viII
on or
at sucb
to
hId Oft tJI8
the Annual
be held At th. sa..
hour on t.. firat day follaving Which is not a I.,al boJ iday.
If tbe 8snual
...ting
sball aut he _eld on tbe ~y designated by the8e Byl
. iUbstitute
annual .eting
-y lie ~alled in accordance with tile provi8ioos of Secti.. 2 of
thi8 &rticle.
A ..eting 8G called aha I I be deaivnated and tAned
fw- all
purposes .. tile alllnMl 8eti~.
Section 2. Speciel .eti
of tbe ~n
~
118called at anY tie w tM
P~ident
or by . _jority
of the Board of Directon.
or upon witten request
of the ~rs
'It.. are entitled to vote one-third (1/3) of the vote. of eacb
class of membership of tbe aseociation.
Section 3. Written IIOtlce of ..tjoge
meeting. and in cue of 8 sPeci.. Meting.
statins tile ti1D8 and piau of the
the purpose or purpose' for which
the .eti..
is c.lled.
shall 118delivered not I...
the date of the Meting'. either
of the Pre8ident. tile Secretary
thin ten (10) days before
per8Oftally or by Mil.
bY or at tile direction
or the person authorized lo call the .eting.
If ailed. wcll notice sball be d..-d to he delivered when deposited iD lhe U.
S. Mails addreB8edto the Re8ber at his address a. it 8PPeerSon the records
of the Association with the pOetage thereon prepaid.
Seclion 4- The pr-nce
in penon or by ProxY at tbe ..tiag
of Ke8ers
entitled
to vote bv tbose entitled
to at least one-tentb (1/101 of tile votes of
each 1:1... of .-.nh1p
.11811 coMtitlite
a quona for any action except ..
ot~ise
provided in tbe Articles
of Incorporation.
tbe Declaretion or tbeee
Bylaws. A IMJority of Ute votes entilled
to he cast W the KGb8re present ill
person or represented bY ProXY at such .oting
at which a qUOt"\D 18 present
shell he necessary for the adoption of IllY Blatter voted upon W the Jll8bers.
If. howeYer.such q~
.lIall not be pro.ent or represented At tny ..etiD9.
the M8IIers entitled to vote tbere.t sball have the power to adjourn the
.-t1ng
frca ti8
to tiM without notice other than aDnounCeMnt at tile .-ting
until a quonB as aforeuid
shall be Pr...nt
or be represented: Provided.
JIOWover. tJaat ""In a .etin'
is adjourned for ~re than 45 daYs fn. the date
set forth in the oritinal
notice of ...t1ng.
notice of adjourned ..-tine
shall
be g1Y8n ae in the ClSe of an original
.etin..
SO-ctioo 5. At all meeting. of 1Ieabers. eacll M88ber MY vote in ,enon or ~
proxY. All proxies sball be in writing and filed With tile Secretary.
Every
proxY ehall be re~le
aDd .ball .Ut~t1C6lly
cea.e uPon conveyan~ ~ the
Jf88b8r of his Lot within the Properties.
ARTICLE V
Vot.1nveM Voting Rigbta
Section 1. 1118voting rights of tile .emJ)erabip shall be apPUrteMM to tM
ownership of the Lot end 8hall othcrwi88 be as BOt forth in t-. Declaration.
A. EacbLot designated eB . tot on 'lhich e Bingle-flllil,
Utad\ed bC88
i. or ..y 110COMtructR .ball entitle the OWner(a)of said ~ to One (1)
YOte. except 6a to Cl..s BLots. .. defined in thc Declaration for wb1cb
thc Declarant. shall be entitled to three (3) vot.. for Neb Mlcb Clus B
Lot.
WIle. two or ~re perSOD8 hold en interest
(ot1l8r tban a le..e1Iold or
security ilat.erest. in any Lot. ell StIch persons 8MII be MelDb8n. The
vote for such Lot shell be exerci88d bY one of such per8OllS.. PI'oxYand
noadneefor 611 peraORBbolding 8A interest ift e Lot and in no ev8nl
(except with respect to Class BLots) shall more thiA one (I) yote ~ cast
with respect to any Lot.
B. Any""'r
who i8 delinquelat. in the P8Y8entof 8fIY chargesduly
levied by the A8aoci8tion against e Lot ~
!Iy .uc~ JIe-.er sM11 hOt 188
entitled to vote util
paymeAtof all .uch cil6rve.. to.-t.ber witll such
rea~nahle penalties 88 tile Board.of Directon of Ute Association may
i_OS8. M8 been made.
c. X88b8re shall vote in penon or !Iy proay executed in .-iting
by the
a..t.r.
No prGXY Bball be valid after eleven (JJ) ~t..
from the date of
its execution or upon conveyance by the H88IIer of bla Lot. A COI'Por.te
~r'8
vote aMll lie cut br the President of the JI.-.r
corpor6tion or
by 8fIY other officer
or proxY apPOinted by the Pre.1dent or designated by
tbe Board of Directors of 8ucb corporation.
D. Voting ODell 8ttera
(except the election of 41rectors. which
shell be ~ written ha.llot) .1181I be bY voice vow or JIr sball of hands
unlns a _jority
of the Hellb8n pr.ent
.t tb8 .etlrs
sball. prior to
voti.,
ODany 8tter.
d~nd
e ballot Yot. on tIIet particular
-tter.
Wher. directors or officers
are to 1J8 el.cted by the Me-.eJ'8. the
solicitation
of proxin
for such electiorw MY be conducted. by -i1.
\1~jffipr.l:(
f;~
~n
ARfICLEVI
kIA Property Rights
Sectlon 1. Every OImer (by virtue of I118berabip in the Association) shall
~
a non-exclusive right and easementof enjoyment in and to tbe Com8onAreas
wbich sblll be appurtenent to and shall peas with the title for every Lot
~ject
to tbe provisions of the Declar4tion. the Charter and Bylaws of the
Association. end the following:
A. The rifbt of tbe Aa8OCiation to li.it
to Owner8. tbeir r..ilies
and guests.
the use of the ~
Araas
B. The right of the A88ocjation to suspend the votin, and en;ovment
rights of any 0vDer for any period during which any asse88Mnt against biB
Lot ~in8
unpaid. or for any infraction of the Association'. published
rulee and revulations.
C. The rights of the Declarant. or the Associ.tjon to dedieale
traJl8fer a II or any Nrt of the C(-.In :Areas to a Plibl ic .gency.
authorjty,
utjlity
or
or other third party for such purPOSes.
~\i2D 2. The right and eo8taent of enjov.nt granted t.o every (Nner in
Section One of this Article 88Y be exercised bf 8e8bers of the Owner'. fO8dly
and on ONner.ay delegate bis rights of enj0Y88nt in the C~
Areas to his
tenants or contract purchasers who occupy the residence of Ute 0Imer within tt.
Properties.
)Jrr1CL£ YI I
MainteMnce thanes
Section~~
Pursuant to the Declaration. each Remberis deeDedto coyenant
to pay to the ABSOCiation:
(1) annual ass8898ents or othsr periodic charve5.
and (2) special assessments as approved by the Re8bers. The annU81 end special
a8888sments. together with such interest
thereon and costs of collection
thereof. as hereinefter
provided. shill.
to the extent permjtted bv law. be .
cofttimling lien upon ttle Lot against which Ncb such a.e-.nt
is made to
secure the p~nt
of said a88eSB88nts due and to become due. Each such
ossessment. together with such interest.
costs and reaaonable .ttorneys'
fees.
shall also be the personal obligation
of the person ~ VIS tbe OMner of such
Lot as the ti.when the a8888~ts
fell due aIM! .boll not pass to biB
successors in title
Wtless exPressly ueU8d by th8. which .B~ion
BII.I)
aot. lIowever. relieve Owner of his personal obligation
i. event of nop-payment.
Section 2. '!be asse~nts
levied by ttle Association s.ll
be used to
provide fwMIs for such purposes as are for the benefit of tIte AssocietiOR and
the ~rs
of Lots w1thin tbe area overseen aM administered IJr' the A880ciation
vb1c~ purposed 8&Y include maintenance. landscapint oDd ~utification
of tbe
Cc.8m Areas. FIIIId8 MY also be used to provide other services to pfUlM)te the
bealtb. sarety 400 welfare of the residents of the c~ity
aad ia particular
for tile e~i81 tion. i8PrOVeMnt end maintenance of properties.
services and
f4Cilities
related to the use and enjoyment of the Co..on Ire...
inc)8ding but
not l~ited
to tbe costs of reP8ir. replac.-ent
end Gdditions tbereto: the cost
of labor. equiP88nt. materials.
man4gement end supervision thereof; t.. payment
of taxes assessed ag.inst the Co88on Areas; the procure8ent end maintenance of
insurance; the employment of attorneys.
accountants and other professionals
to
represent the Association vben necessary or useful: the eBPloyment or security
personnel to provide any service which is not readilJ available fr<8 any
,ove~ntal
euthority;
and such other needs .s -y arise.
Section 3. lIIe maxi8al anDllal asses~nt
the Peclaration.
ahall be 11aited as provided in
Section 4. In addition to the annual assessment.sauthorized above. the
188oeiation may levy at .n, time 8 special assessmentas provided in the
Declarati~.
~8ction
5.
1be ennull
and special
.nnual as88SSD8nt.
and other -tters
the Declaretlon-
a88esSDents.
tbe date of cOlmenCement of
relating
to assessments are set rorth
in
G~D5r:'~ff:90
ARI'Ia.E VII J
Boanlof Dinctors
Section I. The business and affairs of this 1880ciation 8bl11 be .anaged br
a Board of Directors which sblll consist of not le88 then two (2) in nuaber.
At the inception of the Association. the Bo8n1.hell consist of two (2) M88b8rs
in tile Artir;JeB of J~rpor.tion.
and thereafter tbe ,
r of dJrectors
ahall be fixed by the Board.
Section 2. The first
Bo8rd of Di~lOl"8
~
in the Charter of the
AssociatiCMI shall ..rve for tJu-ee (3) years. Only, thereafter.
directors
shall
118electecl. by )allot
at the eMUal -eting
of the l188bers. Each director
shall
hold office gntil his death. resignation.
rI8OVal. disqual ification.
or his
~ceesor
is elected or .Ppointed a..s qualified.
Any vacancy 8Y be filled
at
any ti.
by a -jority
of tbe r...in1~
directors.
though 1.- tban a 1IUOn8.
bJt
8 V8C4DCY cneted
by 80 iJlCre8ae
ill
the authorized
nl8beT
of directws
8hell be filled onl, by eleetion at an annual 88eting or at a special .eting
of ~rs
called for thal PUrpose.
Section ~ '1118directors
8MII act only 48 a bOArd and the individual
directors
shall ~Ve no poV8r 48 eucb. A ..jority
of the directors
in office
shell constitute
a quOru8 for the transaction of buBinees. but a majority of
those preeBrlt at the tialMl place of any regular or SPeCial -ting.
alt~lI
lees then e quo~.
MY adj~
the ...
fra tito time wit~t
_tice
util
a QUOru8 be at hand. The act of a ..jority
of directors
presenl .t any ti..
el
which there is a quorQ8 ablll be the act of the &o.rd of Directors.
Section 4. 'nIe Board of Directors .y.
by resolution
adopted by a -_ity
thereof. designate one or more comaittees. each ~itt.e
to include not 188s
than t~ (2) directors
os -.lien
thereof. wIIicll ~itte88
to tbe extent
provided in said resolution.
.,
have and -y exercise. when the Board of
Directors
is not in session. the powrs of the Board of Directors in the
..na,..ent
of the affairs
of the A88ocietion.
~ti~
b\isirws
5.
The &o.rd of Directors
at such ti8
shall
_et.
for the transaction
a..s piece .s my be designated fr~
t-
to ti-
of
by
resolution
of the Hoerd. Regular Metinp
of the Board -v be held witbCMt
_tice.
Special ~etinl8
of the Board of Directors ..y be celled by the
Preeident or a8J' two (2) ~
of the ~
for any t~
and pIece. providacl
rM8oaabie notice of sucl\ -.tiDls
shall be given to a.ch ~
of the a..nl
before the tUie appointed for such meetj~.
The attendance of e director
It a
..etiRg
shall constitute
a ~iYer of notice of such ~eting
except Where a
director
attends a ..eting
and object. thereat to tbe transactioD of aay
busine88 becau. the _eting
is not lawfully called or CORYened.
§ectioo 6. 'nIe Board of Directors -y fra ti.
lo tid.te~h8
the oI'deT
of bQ8ineas et its _etinga.
At ell ~tinlS
of tbe Board. tbe Pr..id~l.
or
in ".8 absence. the a.aiIW"
cllOeen lJy tile directors
II"888rIt. 8Itall preeide.
~ction1.
The Board of Directors,
after
the cl~
of the fiseal
shall su181t to the KemlIersof the Associalion. a report tbe Association aid its property and shall
financial
transactions
of tba post year.
su!8it
year.
to the cOIIditi-
also an 8CCoamt of the
Section 8. Su}J8equent to the tiM vlIe. direct..
are elected by ~.
any director
8Y be remved fr'Om the Board. with « without c..-e.
by e
majority vote of the ~n
of tbe A8B0cietjoD.
In t" event ot 4eatb.
resignation.
or removal of . director.
his euCCes8or "'ell
be selected by the
r_ining
meabers of the Board and sball serve for tbe unexpired t~
of hie
predecessor.
Section 9. 110director
ahal! receive CfDP811S8tion for any BW"Vice he MY
render to the 188ociation.
provided. h~r.
any director
..y be reimlMJr.8d
for hie actual 8xP8flse8 incurr18d in the I18rf~nce
of hie duti...
Section 10. The director.
eMI J have t- right to take any ectjon
absence of a ..ting
whictl they c«lld tU8 at a _eting
by obt8ining
written approval of all the clirectors.
Any action so apprQvK BIIell
8e8e effect 8S thoulh taken et . meetint of the directors.
in the
the
ban tll8
of
0805",,[691
~.
Pwere aRli htiee
Section I.
Powm.
ARTIa.E IX
of the Board of Directors
n.. Bo8rd of Directors
sblll
have the ~r
to:
A. ~...cise
fOJ' the AuocJation al) powers. dutie. aDd aut)M)ritv
~ed
In OJ' cla)qeted to tIIi. Association and not relerved to the
M8bersbip IIy other prati.iOM of the.. 8y1~.
the Articl..
of
Incorporation.
or the Declaration.
B. Decl~
the office of . 8ember of the Board of Directors to b8
vacant in the eveftt sucb.-lter
ehall be ebeent fro. thr8e (3) consecutive
r89\1lar ..tJnga
of tile BooR of Director..
AT
~
the
D. DlPJO)'. _nigel'. In JDdependentcontractor or 5Ucbotller 81'loy...
of
operation
C. BAter into agre..entl with lbird parties to facilitale
efficient
oper.t1on of the ~
AT
It wll
be tbe pr1MTY PtIrPO8eof _cia
agr"'I~1
to provide for tbe a~niatration.
.intenance
and rePair. and
as the Board clee8 ""aery.
allcl to prescribe
and acc.-.lisb
the purposes of the A8lociation.
see~ion 2.
~ti...
tbe1r duties.
to cem
out
It SMII be the duty of tile Board of Directors to:
1. CaQgeto be kept a e(8p)ete record of al) its .ctl .. corporate
.ttajre and to preBut a stat-.nt
tb.reot to the ~
at tJl. 8nmMi
_eting of tbe *-IIerB or at any special ..eti.
v1)enwclI etat-.nt 1.
~e8ted
in vritint br one-fourth (1/4) of the ~
of the Associ.tioft.
B. Supervise all officers. agents and eaployees of tbi. lssociatioft.
and to ..e that their 4ut'ee are properlY perf~.
C.
thirty
Send writtn
IIOtjce 01 Nch asse.-nt
to _very
r
(38) days in a4Yanceof each annual or special asses_nt
D.
IsslM.
or cause an appropriate
penon.
a receipt
.ettirs
fortb 1Ibetller
officer
or not
at Jeast
dIM date.
to issue.
~P08 481111M1
br any
any 8888s..nt
1188 beeR ,.14.
a rNsonable chart. -y be ..
IIy the Board for the i-.aaRce of theee
certificates
end such certificate..
if isaued. shall be CO8CIUlive evldeoce
of HyWftt of any u~t
therein etated to haft !»ell pajd.
E.
Cause the ~n
ArMS to be maint.eined.
ARTICLE
X
2ffl~er8ancS Their Duties
~tjml
I_". 1b8 officers of tbia Aseoeiation a.11 be 8 Prestdeat. o. or
mon Viee Preaideat8. 8 Seeretary. 8 Treoawrer. 8M Slicb otber officers 8114
8S8tst.nt offi"en
as tile Bout -y frCB tiM to tiae d..c~.
Any t1IO
or ~.
offices my he held by tbe 8a1Deperson. except the offiees of Presl-8nd Secretary aid the offiees of President 8M ~ice Pre8ident.
S8ction 2. The officers of the A88OCiotion for tM first tbrw (3) rMr8
need ROtbe K8bere thereof. 11Ieofficers of tile Association sll811 be elected
or 8ppOinted eDlIU811.,.., tile brd
of Directors.
one II) yeM \ala..
be 8b111 lOOnor die. resign.
end e8cb shall ~Id offiee for
or lie reIDYed. or otJ8rviM
di8qu8aified to 8ery8. The 8D8rdMy elect 8ucb other officen as the aff.in
of the Aeeoci.tioll ..y require. each of Whoa8haal hold office far sueb period.
h8ve each 8uthority. 8nd parfor. such dutie8 .. the Boerd DY' fr- ti8 to ti.
deter8in8.
~ctjon
3. 1JW oftjcer -r ~ re8W8d f~
office bJ the BoaR wittl or
without C8U88. All officer ..r re-lrD et any ti..
by liYi~
written notlee to
tile Board. the Pre8ident or the Secretary.
Sucb re-ign8t.iOlls 8MII take effect
on tbe date of reeeipt of auth notice or any later time specified therein. and
\alle88 otherwise specified therein. the acceptance of 8uch resignation shill
not .. necasarv to Mke it effective.
.:.' '.Ol'.!O5rAr.£EIJ2
~~ion4.
A vocancy in OOYoffice -y
for r89Ulor election or appOint8ent.
v.caney shall serve for tbe r...inder
Section 5. 1118ootiu
be filled
in tile _mer prescribed
The officer
elected or appointed to such
of the tena of the officer be replaces.
of the officers
are as foll0ti8:
~i4el!t.
A. The President shall be the chief executive officer
corporation aid 811a11
perfom sucb other duties as rrCII t.
assigned to hi. br the
Board 0" carrj-d out:
eo_nt..
_intea.Ke
and Shell. in general.
President..
of the
to ti.
MY be
Boanl: Bllell see that orden OM resolutions of tbe
shell Bign all leases. GOrtgages. PrC81..ry notes.
agreeMllts.
deeds and other -ch similar dOCU88llts;
perform all duties incident to lhe office of
Vice President
B. The Vice President sha.. act in the P'6Ce aDd stea4 of the
Pr.sident in the event of bis absence. inability or refusal to let. and
shall exercise end discbarte sucb other duties es .y - r"uired of '18 bv
the Board.
SecretorY
C. 1118Secretary 8ba 11 ncord the vot.. .IM! keep tile mnul... of all
_eti~8
and proceedill98 of the Board and of the ~n!
keep the corpor.te
seal of the A880ci.tion and affix
it on all papers ~iring
said seal;
serve notice of _etings
of the Board .nd of the *88rsJ
keep epproprtate
current recorda shoving the R8bers of the Association toget-r
vit~ their
addresees; and perf0r8 such other duties required by the Board.
Treas!![!r
D. The Treasurer sbilll receive and deposit in appropriate blnk
accounts ell monies of the AssociattoD and shall disbgrse 8UCh f~
..
dincl.ed by resolutiOil of the Board of Directors!
.ball .iIB all checks aid
pr~i880ry
notee of lbe _ssoc1ation; lceep proper lX)okB of acCGUnl; C8II88 an
aDnuol accounting of the Association books to be aade at the coapletioo of
each fiscal year; end shall prepare an annul I budget end e st8t...nt
of
in~
and 8xpeooitures to be presented to the --rBIItp
at its regular
enmral Meting. end deliver.
copy of eacb of lhe H..-ers.
"
or
~
-y
of the A880ciotion against any
who
I
aJ
person.
and Directors
or officers
and
IV
as directors
iad~l
sball
Aaeociation
Tho
have 80rved at any tl..
eny
ARfICLE XI
of Officers
Indemnification
aIM1 all
oxpeneu.
includine
a8OI1nt.e pald upon jud188nl8.
COOR881 f...
and
GDDUDts peld in settle88nl
(before
or efler
suit
i. COI88nced).
8Ctu8lly
and
Mce888ril.,
incurred
by 8udI pereOllS ln connection
witb the defe.or
settl..ent
of any cl4im.
4ction.
suit
or proceeding
in whiCh they. or ear of
t1teal. are &de paTties.
or a partv.
which -r
be asserted. against t«' any
of tbem. br relSOn of being or haYing bee. directors
or officers
or a director
or an officer
01 the baociatiOft.
except in relation
to matt
.. to 1Ihicb any
such director
or officer
Or fo,.r
dirsctora.
officer
or person _II
be
adjud.ed
i. eny ectiOR. suit.
or proceeding
guilty
of willful
ana tutentional
n8g1 i.once or Ddsconduet in the perfonlaDC8
of his duli..
to the Jesoclotion.
Provided.
HweYer. tJaal in the eYent of 0 .eltl88nt.
the i~emificatiOil
herein sbail 4Hly onl., tlllen tile a»ar4 of Directors
approvu such ..tti~Dt
and reiu...elMnl
as being in the Ileal interest
of tho b8ociett~.
1'tI8 provisiolW hereof 8MII be in addition to and ROt exclU8ive of a. and
all other rigltts to wtlicts 8IIY director
or officer
MY othenliee .. entitled
wwler any 'av, brlp,
agreement, vote of the A8soc:iation Meabers .. otbenrl88.
In the event of death of the officer..
4irector.
the Provi8ioIW hereof .ball
extend to their legll heirs. representatives,
successors and l..itnS.
The
: ,..'OO05rAt;[693
foregoing riihtu
ebB1l be available
vh8tber or not such p&ram or persom were
in fact directors
or officers
ot the ti..
of incurrinw or be~ing
subject to
such openses. am wbether or not the proceeding. clai8. suit or action is
hosed on ..ttors
w1\jch onteclate tile adoption of t.hes8 Bylaws.
The invalidity or unenforceabjlity
affect the validity or enforQIabiljtr
of any .roViBioft of tbi8 Brlaw eball not
of any other provision hereof.
lIrrlCLE III
Conorete Sell
A corporate seal shall
~
b.ve engra\fed tbereon tM
following:
NOIIIAR AIRPAIK (8mI9'
ABJC11TI<II. INC.
A Ifon-protjt
COrPOration
SEAL
1990
North Carolina
It 811411r_in
in tlae custody of the Secretuy em 811811be by him affix.d
all dOCU88ntSrequiring
the corporate ...1 for CO8Plete execution.
An
i_reuiOD
of the corporate seal i8 directed to be affixed to these Dylan.
ARrICLE
to
1111
Books am bcorda
rile books. records and papers of the A88~iation
aball et .11 time. be
subject t.o ilBpection by .ny Kember during ret8onable b-.ine88 bourB. The
Deeler.tiM.
the Articles
of Incorporation.
end t.b8 Byl
of tlw A880ciatioo
.ball be a¥lilable
for in8pection bv any ~r
at. tbe princi..1
office
of the
A_ociatiOB.
where copies MY be purchased at reUODUle ~t8.
ARTICLE
Pi~al
XIV
YMr
1118fiscal year of the Aa8Ociatioh 811&11_in
on the first day of January
and end on the thirty-first
d..V of Dec~r
of every reer. ac.,t
tb8t the
first
fiscal year 8ball begin on the date of inCOrllOretiOD.
ARTICLE IV
~
Any BOtiee
entitled
provided.
required.
tureto
vhan8y.r
llefore
to be given by UIe8e BrIan -" be nive4 W tbe PersOD
or after the time .tated there!".
Unl... otherwise
a notice
shall
be r..uired ~ the.. .,la_.
neh not.ice
sII.11 M vivan in witinr.
aM addreased to the penon .&titled
tbereto at biB
addr888 8. the .IM 8wean on the book8 of tile A880c1ation. the ti88 when .udt
notice 18 _iled bei,. deemedtbe tiM of t.
ARTICLE
givi.. of Rcb notice.
XVI
Amend8nts
"
Bylen MY be .-MId
at a refUler or #feeial ...ti.
of the -mhers
of the ~
of Directors.
by 0 vote of 0 _jority
of . .uor18 of m.-rs
or
di...ctors
pnsent in person or by proxy.
In tile co.. of any conflict
between
tile Articl.
of Incorporation
oDd tM88 &'1_.
tile Articles allall contro1;
&lid
in the ca. of any conflict
between the Decl.,.ation .ncI tMse Bylaw.
the
Declerat iOft Shall cODtrol.
ARTICLE XViI
'-itte..
An Architecturel ~tte..
first epPOinte4IJr the Dect.uta to undertake
the r_POII8ibillt1ee set forth In tJ\e Decl8fttion cone.milS the approval of
~.::.0805'1c£69o:j
ARTICLEIVIII
lasets : Pur~e
110.-rt of the i~
of the Association 8hall inure to the benefit of any
officer.
director
or Ie8ber of the A880ciation; and upon the di8801utioa of the
A880ciation. the
te thereof shall. after all it. Ijabilitiee
and
oblj..tiOM
haw beeII djsclluyed or ed..-t.
provisions IIA4e therefor.
be
di.t.riblted
or ~nveyed to eny 888OCiati~ or ..oclatj~
organized fM"
purpoe88 au-iler
to that of the Association. or to e gOYerD88nt entity fM"
_intenance.
Filed
for re&i8t:r.t:iorC:JI~~
J~881~_.S.. Cro8swhi~
1LL
R;gi~t~r
-
_l~at~..a.9:QK.
of Deed. BY:~"';"",.L..-:..
Q;:&.,~JA.."'~~
3~