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~