BYLAWS
OF
BURNING TREE AREA I ASSOCIATION, INC
ARTICLE I
NAME AND LOCATION
The
name of the corporation is BURNING TREE AREA I ASSOCIATION, INC.,
referred to in these bylaws as the Association. The principal office of
the corporation shall be located at ________________, Tulsa, Oklahoma.
The meetings of the members and board of directors shall be held at
such places within the State of Oklahoma, County of Tulsa, as may be
designated by the board of directors.
ARTICLE II
DEFINITIONS
1. “Association” shall mean and refer to Burning Tree Area I Association, Inc., its successors and assigns.
2. “Articles” shall mean and refer to the Articles of Incorporation of the corporation.
3. “Properties” shall mean and refer to the following described real property situated in Tulsa County, State of Oklahoma.
Lots Thirteen (13) through Eighteen (18) inclusive, Block 1; and All of Blocks Three (3), Four (4), and Five (5) of BURNING TREE ADDITION, an Addition to the City of Tulsa, Tulsa, County, State of Oklahoma, according to the recorded plat thereof.
4.
“Common Area” shall mean all real property owned by the Association for
the common use and enjoyment of the members of the Association.
5.
“Common Facilities” shall mean all recreational and social facilities
owned and operated by the Association for the common use and enjoyment
of the members of the Association.
6. “Declarant” is Sixty-First
and Memorial Development Corporation, an Oklahoma corporation, its
designated successors or assigns if designated declarant for these
purposes by Sixty-First and Memorial Development Corporation in a duly
recorded written instrument.
7. “Declaration” shall mean and
refer to the certificate of dedication applicable to the properties
recorded in the Office of the County Clerk of Tulsa County, Oklahoma.
8.
“Lot” shall mean and refer to any separately numbered plot of land
shown upon any recorded subdivision plat of the properties with the
exception of the common areas owned by or dedicated to this corporation.
9.
“Living Unit” shall mean and refer to any portion of a multi-family
structure situated on the properties designed and intended for the use
and occupancy as a residence by a single family.
10.
“Multi-family Structure” shall mean and refer to any building designed
and intended for use and occupancy as a residence by two or more
families under one roof.
11. “Members” shall mean and refer to
those persons or entities entitled to hold membership in the Association
as provided in the Declaration and set forth in these bylaws.
12.
“Owner” shall mean and refer to the record owner, whether one or more
persons or entities of a fee simple title to any lot or living unit
situated upon the property and which is subject by covenants of record
to assessment by the Association, including contract sellers but
excluding those having such interest merely as security for the
performance of an obligation.
ARTICLE III
MEMBERSHIP
Every
owner of lots described in Paragraph 3 of Article II shall be a member
of the corporation. Membership in Burning Tree Area I Association,
Inc., shall entitle the members of those Associations to the right and
use of enjoyment of the common areas and common facilities of the
Association.
ARTICLE IV
PROPERTY RIGHTS
Each owner shall be
entitled to the use and enjoyment of the common area and facilities as provided in the Declaration. (The Ceritificate of Dedication says we have are members of Burning Tree One or Burning Tree Two depending on where our property is. But neither Burning Tree One or Burning Tree Two owns facilities in our subdivision.) Any owner may
delegate
his rights of enjoyment of the common areas and facilities to members
of his family, his tenants or contract purchasers who reside on the property.
(
That would have been nice, had there EVER been any facilities our subdivision owned) Each member shall notify the secretary of the corporation in writing of
the name of any such delegates. The rights and privileges of such
delegates are subject to suspension to the same extent as those of the
member. Each owner’s right and easement of enjoyment in and to the
common area and the common facilities shall be appurtenant to and shall
pass with title to every lot or parcel to the following provisions:
(1) The right of the Association to limit the number of guests of members;
(2) The right of the Association to charge reasonable admission and other fees for the use
of any common facilities situated upon the common areas;
(3) The right of the Association in accordance with its Articles and Bylaws to
borrow money for the purpose of improving the common area and facilities and in aid thereof to mortgage the same.
The rights of the Association, however, shall be subordinate to the
right of any mortgages made in good faith and for value prior to such
mortgage by the Association;
(4) the right of the
Association to suspend voting rights and the right to use of the
recreational facilities of any owner for any period during which any
assessment against his lot or parcel remains unpaid;
(5) The right of the Association upon the
assent of two-thirds (2/3) of the members to dedicate, sell, or transfer all or any part of the common areas
to any public agency, authority, or utility for such purposes and
subject to such conditions as may be agreed to by the members; and
(6) The right of the Association to
allow the limited use of the common areas and
common facilities by the tenants of office and commercial lots and parcels to
charge reasonable fees for such use.
ARTICLE V
MEETINGS OF MEMBERS
1.
The first annual meeting of the members shall be on the ____ day of
_____, 1976, and each subsequent annual meeting of the members shall be
held on the same day of the same month each year thereafter at 7:00
p.m. If the day for the annual meeting of the members is a legal
holiday, then the meeting will be held at the same hour on the first day
following which is
not a legal holiday. The board of directors,
by resolution, shall fix a date for the meeting no more than thirty (30)
days before or after that date.
2. Special meetings of the
members may be called at any time by the president or by the board of
directors. A special meeting shall be called upon written request of
the members who are entitled to vote, twenty-five percent (25%) of the
entire membership.
3. Written notice of each meeting of the
members shall be given by or at the direction of the secretary or person
authorized to call the meeting by mailing a copy of such notice,
postage prepaid, at least ten (10) days before the meeting to each
member entitled to vote addressed to the member’s last address appearing
on the books of the Association or supplied by such member to the
Association for the purpose of notice. The notice shall specify the
place, day, and hour of the meeting and in case of a special meeting,
the purpose of the meeting.
4. The presence at the meeting of
members entitled to vote or of proxies entitled to vote of one-half
(1/2) of all the vote shall constitute a quorum for any action except as
otherwise provided in these bylaws, the Declaration, or the Articles.
If such quorum shall not be present or represented at any meeting, the
members entitled to vote thereat shall have the power to adjourn the
meeting until a quorum shall be present or represented. The meeting may
be adjourned to a date not less than forty-eight hours, no more than
thirty (30) days after the original meeting date. At such reconvened
meeting, the presence of members entitled to cast at least twenty-five
percent (25%) of all the votes in person or by proxy shall constitute a
quorum. A meeting may only be reconvened once. Thereafter, a new
meeting must be called and the original quorum requirements shall be
applicable.
5. At all meetings of members, each member may vote
in person or by proxy. All proxies shall be in writing and filed with
the secretary prior to the beginning of any meeting where the proxy is
to be exercised. Every proxy shall be revocable.
6.
Wherever
the Articles require the assent of the members, the assent shall be
obtained at a meeting called for the purpose, pursuant to the notice,
quorum and adjournment requirements applicable. In the event that
a quorum is present but the required majority of each class of members
is not present in person or by proxy, the members not present may
thereafter give their written assent to the action taken.
ARTICLE VI
BOARD OF DIRECTORS
1. The affairs of the Association shall be managed by a board of directors
who need not be members of the corporation.
The number of directors elected to serve until the first annual meeting
and until their successors are elected and qualified shall be five (5)
directors, but in no case shall there be fewer than three (3).
Thereafter,
the number of directors shall be determined by the members present at each annual meeting.
To the extent directorships remain unfilled after each member has
elected two directors, any such vacancy shall be filled by directors
elected by majority vote of all members.
2. Directors shall serve for a term of one (1) year and election to the board may be by secret ballot.
Any
or all members of the board may be removed from office with or without
cause by majority vote of all the members of the corporation. In the
event of death, resignation or removal of a director, his successor
shall be selected by the remaining members of the board and shall serve
the unexpired term of his predecessor.
3.
No director shall receive compensation for any service he may render to the corporation; however, any director may be reimbursed for his actual expenses incurred in the performance of his duties.
ARTICLE VII
MEETINGS OF DIRECTORS
1.
Regular meetings of the board shall be held monthly without notice at
such place and hour as may be fixed from time to time by resolution of
the board.
2. Special meetings of the board shall be held when
called by the president of the corporation, or by any two (2) directors,
after not less than three (3) days’ notice to each director.
3. A majority of the directors shall constitute a quorum for the transaction of business.
Every act or
decision done or
made by a majority of the directors present at a duly held meeting at which a quorum is present
shall be regarded as the act of the board.
4.
The directors shall have the right to take any action in the absence of
a meeting which they could take at a meeting by obtaining the
written approval of
all the directors. Any action so approved shall have the same effect as though taken at a meeting of the directors.
ARTICLE VIII
POWERS AND DUTIES OF THE BOARD OF DIRECTORS
1. The board of directors shall have power to:
(a)
adopt and publish rules and regulations governing the use of the common
area and facilities, and the personal conduct of the members and their
guests therein, and to establish penalties for the infraction thereof.
(b) determine a reasonable admission fee or charge for the use of recreational facilities situated upon the common area;
But we have no common area....so no fees here in Burning Tree One.
(c ) exercise for the Association all powers, duties and authority vested
in or delegated
to this Association
and not reserved to the membership by other provisions of these Bylaws, the Articles of Incorporation, or the Declaration;
(d)
declare the office of a member of the board of directors to be vacant
in the event such member shall be absent from three (3) consecutive
regular meetings of the board of directors; and
(e) employ a
manager, an independent contractor and such other employees as they deem
necessary, and to prescribe their duties and compensation.
2
. It shall be the duty of the board of directors to:
(a)
cause to be kept a complete record of all its acts and corporate
affairs and to present a statement thereof to the members at the annual
meeting of the members or at any special meeting, when such statement is
requested in writing by one-fourth (1/4) of the members who are
entitled to vote;
(When are our annual meetings for Burning Tree One? They cannot be held with the BTMA. There have NEVER been any mergers--Oklahoma Law requires certain guidelines be followed to merge the two and as you can see for yourself from the Secretary of State's records these are separate corporations.)
(b) supervise all officers, agents and employees of this Association, and to see that their duties are properly performed;
(c) as more fully provided herein, and in the Declaration,
(1)
fix (
that means "confirm") the amount of the annual assessment against each lot and living
unit at least thirty (30) days in advance of each annual assessment
period, as hereinafter provided in Article XII, and
(But alas! it cannot be done because we can only be assessed for ACTUAL repairs, upkeep and maintenance of the faciliites and land that our subdivision has....and we have none!)
(2)
send written notice of each assessment to every owner subject thereto at
least (30) days in advance of each annual assessment period;
(CANNOT ASSESS!!)
(d)
issue, or to cause an appropriate officer to issue, upon demand by any
person, a certificate setting forth whether or not any assessment has
been paid.
(YEAH, RIGHT! WHO COPIED THIS SET OF BY-LAWS?) A reasonable charge may be made by the board for the
issuance of these certificates. If a certificate states an assessment
has been paid, such certificate shall be conclusive evidence of such
payment;
(e) procure and maintain adequate liability and hazard insurance on property owned by the Association;
(WE HAVE NONE!)
(f) cause all officers or employees having fiscal responsibilities to be bonded, as it may deem appropriate;
(They have no fiscal responsibilities since assessed by Burnig Tree One cannot and does not assess. To do so not be lawful, based on the fact that our Covenants do not allow for us to be assessed for anything other than ACTUAL repairs, upkeep and maintenance of the facilites and land that our subdivision owns in common !)and
(g) cause the common areas to be maintained
(but there are not any in Burning Tree One or Two.)
ARTICLE IX
OFFICERS AND THEIR DUTIES
1.
The officers of this Association shall be a president, a vice
president, a secretary, and a treasurer, who shall at all times be
members of the board of directors, and such other officers as the board
may from time to time by resolution create.
2. The election of
officers shall take place at the first meeting of the board of directors
following each annual meeting of the members.
3. The officers of
this Association shall be elected annually by the board and each shall
hold office for one (1) year unless he shall sooner resign, or shall be
removed, or otherwise disqualified to serve.
4. The board may elect such
other officers as
the affairs of the Association may require, each of whom shall hold
office for one (1) year, have such authority, and perform such duties as
the board may from time to time determine.
3. Any officer may be
removed from office with or without cause by the board. Any officer
may resign at any time by giving written notice to the board, the
president or the secretary. Such resignation shall take effect on the
date of receipt of such notice or at any later time specified therein,
the acceptance of such resignation shall not be necessary to make it
effective.
6. A vacancy in any office may be filled in the manner
prescribed for regular election. The officer elected to such vacancy
shall serve for the remainder of the term of the office he replaces.
7.
The offices of secretary and treasurer may be held by the same person.
No person shall simultaneously hold more than one of any of the other
offices except in the case of special offices created pursuant to
Section 4 of this Article.
8. The duties of the officers are as follows:
President
(a)
The president shall preside at all meetings of the board of directors;
shall see that orders and resolutions of the board are carried out; and
shall sign all leases, mortgages, deeds, and other written instruments.
Vice President
(b)
The vice president shall act in the place of the president in the event
of his absence, inability or refusal to act and shall exercise and
discharge such other duties as may be required of him by the board.
Secretary
(c)
The secretary shall record the votes and keep the minutes of all the
meetings and proceedings of the board and of the members; keep the
corporate seal of the Association and affix it on all papers requiring
said seal; serve notice of meetings of the board and of the members;
keep appropriate current records showing the name and address of the
members of the Association together with the number of votes to which
each member is entitled, and shall perform such other duties as required
by the board.
Treasurer
(d)
The treasurer shall receive and deposit in appropriate bank accounts all monies of the Association and shall disburse such funds as directed by resolution of the board of directors;
shall sign all checks and promissory notes of the Association; keep
proper books of account; cause an annual audit of the Association books
to be made by a public accountant at the completion of each fiscal year.
ARTICLE X
MASTER ASSOCIATION (why is this included in our by-laws??) It sounds like they merged but there are no legal documents filed showing that they did and no vote has been found that it was voted on. This never should have been in here!
1.
The Association is a member of Burning Tree Master Association, Inc.
Membership in the Association shall entitle the members of the
Association to the right, use and enjoyment of the common areas and
common facilities of Burning Tree Master Association, Inc., subject to
the Articles of Incorporation and Bylaws of Burning Tree Master
Association, Inc.
2.
The
affairs of the Burning Tree Master Association, Inc., shall be managed
by a board of directors who need not be members of the corporation.
The number of directors elected to serve until the first annual meeting
and until their successors are elected and qualified shall be five (5)
directors, but in no case shall there be fewer than three (3).
Thereafter, the number of directors shall be determined by the members
present at each annual meeting. The Association may
elect two (2) directors to represent the Association on the board of
directors of the Burning Tree Master Association, Inc.
3. Each
director elected by the Association to serve on the board of directors
of the Master Association shall serve for a term of one (1) year and
election to the board may be by secret written ballot. Any or all
members of the board may be removed from office with or without cause by
majority vote of all the members of the corporation. In the event of
death, resignation or removal of a director, his successor shall be
selected by the remaining members of the board and shall serve the
unexpired term of his predecessor.
ARTICLE XI
BOOKS AND RECORDS
1. The books, records and papers of the corporation shall
at all times during reasonable business hours, be subject to inspection by any member.
The Declaration, the Articles and these bylaws shall be available for
inspection by any member at the principal office of the corporation,
where copies may be purchased at reasonable cost.
2. There shall be an annual audit of the books and records of the corporation by an
independent public accountant and a
copy thereof shall be sent to each member within thirty (30) day after completion thereof.
ARTICLE XII
ASSESSMENTS (WHY IS THIS IN HERE? IT DOES NOT LINE UP WITH THE COVENANTS...AND YOU CANNOT WRITE IN WHATEVER YOU WANT. IT MUST BE IN ACCORDANCE WITH THE COVENANTS!)
1.
By declaration each member is deemed to covenant and agree to pay the
Association: (1) annual assessments or charges, and (2) special
assessments for capital improvements. The annual and special
assessments, together with such interest thereon and costs of collection
thereof, as hereinafter provided, shall be a charge on the land and
shall be a continuing lien upon the property against which each such
assessment is made. Each such assessment, together with such interest,
costs, and reasonable attorney’s fees shall also be the personal
obligation of the person who was the owner of such property at the time
when the assessment fell due and shall not pass to his successors in
title unless expressly assumed by them.
2. The assessments levied by the Association shall be used
exclusively
for the purpose of promoting recreation, health, safety, and welfare of
the residents in the properties and in particular for the improvement
and maintenance of the common area, services, and facilities devoted to
this purpose and related to the use and enjoyment of the common area,
and of the homes situated upon the properties.
3. Until
January 1 of the year immediately following the conveyance of the first
lot or living unit to an owner, the maximum annual assessment shall be
$______ per lot or living unit.
(a) From and after January 1 of
the year immediately following the conveyance of the first lot or living
unit to an owner, the maximum annual assessment may be increased
effective January 1 of each year without a vote of the membership in
conformance with the rise, if any, of the Consumer Price Index
(published by the Department of Labor, Washington, D.C.) for the
preceding month of July, computed pursuant to the provisions of Section 4
of this Article. (THIS READS DIFFERENTLY IN THE BY-LAWS OF BURNING TREE
SOUTH.)
(b) From and after January 1 of the year immediately
following the conveyance of the first lot or living unit to an owner,
the maximum annual assessment may be increased above that established by
the Consumer Price Index formula
by a vote of the members for the next succeeding two years and at the end of each period of two years;
provided that
any such assessment shall have the assent of the members entitled to
cast two-thirds (2/3) of the votes eligible to be cast by each class of
members at a meeting duly called for this purpose. Written
notice of said meeting setting forth the purposes thereof shall be sent
to all the members not less than 30 days nor more than sixty (60) days
in advance of the meeting. In the event at any such meeting there are
not sufficient members present or by proxy to cast two-thirds (2/3) of
all those votes eligible to be cast by each class of members, but there
are sufficient members present in person or by proxy to constitute a
quorum as hereinafter defined, or in the event there are sufficient
members present in person or by proxy to cast two-thirds (2/3) of said
votes but such members fail to assent to such increased assessment by
the vote required therefore, members not so present at such meeting may,
within thirty (30) days thereafter, give their written assent to such
assessment, and upon delivery of such written assents to the Secretary
of the Association within such time, the votes of such members not so
present at such meeting shall be deemed votes cast at such meeting in
favor of such assessment. The limitations hereof shall not apply to any
change in the maximum and basis of the assessments undertaken as an
incident to a merger or consolidation in which the Association is
authorized to participate under its Articles of Incorporation.
(c)
After
consideration of current maintenance costs and future needs of the
Association, the board of directors may fix the annual assessment at an
amount not in excess of the authorized maximum.
(d)
The annual assessment for an unimproved lot shall be 50% of the
assessment for a lot on which a dwelling has been constructed.
Beginning the first day of the month following the month in which a
building permit is issued for the construction of a dwelling on an
unimproved lot, the assessment shall be as provided in Paragraphs 3 (a)
through 3 (c).
(e) The annual assessment for each living unit constructed on a multi-family lot shall be the assessment fixed for a lot.
4.
The Consumer Price Index establishes the United Sates City Average
numerical rating for the month of July, 1967 as ________. This will be
the base rating. To determine the percentage to be applied to the
maximum annual assessment for each subsequent year, divide this base
rating into the numerical rating established by the Consumer Price Index
for the month of July preceding the proposed assessment year. This
adjustment percentage, if in excess of 100 percentum, is multiplied by
the original maximum annual assessments to obtain the maximum assessment
for the subsequent year for each lot and living unit.
5. In
addition, to the assessments authorized above, the Association may levy
in any assessment year, a special assessment, applicable to that year
only, for the purpose of defraying, in whole or in part, the cost of any
construction or reconstruction, unexpected repair or replacement of a
described capital improvement upon the common area, including the
necessary fixtures and personal property related thereto,
provided that
any such assessment shall have the assent of the members entitled to
cast two-thirds (2/3) of the votes eligible to be cast by each class of
members at a meeting duly called for this purpose. Written notice of
said meeting setting forth the purpose thereof shall be sent to all
members not less than thirty (30) days nor more than sixty (60) days in
advance of the meeting. In the event at any such meeting there are not
sufficient members present in person or by proxy to cast two-thirds
(2/3) of all those votes eligible to be cast by each class of members,
but there are sufficient members present in person or by proxy to cast
two-thirds (2/3) of said votes but such members fail to assent to such
special assessment by the vote required therefore, members not so
present at such meeting may, within thirty (30) days thereafter, give
their written assents to the Secretary of the Association within such
time, the votes of such members not so present at such meeting shall be
deemed votes cast at such meeting in favor of such assessment.
6.
At the first meeting called, as provided in Sections 3 and 5 hereof,
the presence at the meeting of members or of proxies entitled to cast
two-thirds (2/3) of all the votes of each class of membership shall
constitute a quorum. If the required quorum is not forthcoming at any
meeting, another meeting may be called, subject to the notice
requirement set forth in Sections 3 and 5, and the required quorum at
any such subsequent meeting shall be one-half (1/2) of the required
quorum at the preceding meeting. No such subsequent meeting shall be
held more than sixty (60) days following the preceding meeting.
7.
The annual assessments provided for herein shall commence as to all
lots or living units on January 1, 1976. The first annual assessment
shall be adjusted according to the number of months remaining in the
calendar year. With the exception of the first annual assessment which
may be fixed at any time prior to the assessment date, the board of
directors of the Association shall fix the amt of the annual assessment
against each lot or living unit at least thirty (30) days in advance of
each annual assessment period. Written notice of the annual assessment
shall be sent to every owner subject thereto. The due dates of
assessments shall be established by the board of directors. The
Association shall upon demand at any time furnish a certificate in
writing signed by an officer of the Association setting forth whether
the assessments on a specified or living unit have been paid. A
reasonable charge may be made by the board for the issuance of these
certificates. Such certificate shall be conclusive evidence of payment
of any assessment therein stated to have been paid.
8. Any
assessments which are not paid when due shall be delinquent and shall
constitute a lien on the lot or living unit against which the assessment
is made. If the assessment is not paid within thirty (30) days after
the due date, the assessment shall bear interest from the date of
delinquency at the rate of eighteen percent (18%) per annum, and the
Association may bring an action at law against the owner personally
obligated to pay the same, or foreclose its lien against the property,
or both, and interest, costs, and reasonable attorney’s fees of any such
action shall be added to the amount of such assessment. No owner may
waive or otherwise escape liability for the assessments provided for
herein by non-use of the common area or abandonment of his lot or living
unit. Assessment liens shall continue for a period of one (1) year
from the date upon which an assessment becomes delinquent, and no
longer; provided that if, within such period, proceedings shall have
been instituted to enforce such lien in any court in Tulsa County,
Oklahoma, having jurisdiction in suits for the enforcement of liens,
such lien shall continue until the termination of the proceeding and
until the sale of such lot or living unit under execution of the
judgment establishing it.
9. The lien of the assessments provided for herein shall be
subordinate to the lien of any mortgage now
or hereafter placed upon any lot or living unit subject to assessment;
provided, however, that such subordination shall apply only to the
assessments or installments thereof which have become due and payable
prior to the sale of such lot or living unit pursuant to a foreclosure
of such mortgage or transfer or conveyance in lieu of such foreclosure.
Such sale pursuant to such foreclosure or such transfer or conveyance
in lieu of such foreclosure shall not relieve such lot or living unit
from liability for any assessments or installments thereof thereafter
becoming due nor from the lien of any such subsequent assessments or
installments.
10. The following property subject to this
Declaration shall be exempt from the assessments created herein: (a)
all properties dedicated to and accepted by a local public authority or
conveyed to a public utility; (b) the common area; and (c) all
properties owned by a charitable or nonprofit organization exempt from
taxation by the laws of the State of Oklahoma, as long as such property
is not used for residential purposes.
ARTICLE XIII
ALLOCATION OF INCOME AND EXPENSES
1.
The corporation shall apply all its revenue from whatever sources
derived to the payment of its operating expenses and to other necessary
items of disbursement, inclusive of but not limited to, retirement of
indebtedness, if any, and construction and improvement of recreational
facilities. In addition, the corporation may establish reasonable cash
reserves for anticipated future disbursements for maintenance and
operating expense, construction and improvement of recreational
facilities, and the retirement of debt not subject to amortization. At
the end of each fiscal year, any funds remaining after such provisions
for anticipated future disbursements shall, in the discretion of the
board of directors, be:
(a) applied to the construction or improvement of additional recreational facilities
for the benefit of all members of the corporation and the respective owners of each such member, or
(b)
distributed to members of the corporation in a reasonable manner. Any
such funds so distributed to the members of the corporation shall b used
in the discretion of each such member for the payment of operating expenses of such member or
for construction or improvement of recreational facilities for the
benefit of such member and its owners. In no event shall a member of
this corporation make a distribution to its owners of any sums so
distributed to it by this corporation;
provided, however, that the
board of directors of this corporation shall not permit an unreasonable
accumulation of undesignated funds of this corporation. It is the
intention of this provision to impose an affirmative obligation of the
board of directors to expend or establish cash reserves for future
expenditures for the benefit of the homeowners in the Burning Tree area
of any cash funds remaining after the payment of current operating
expenses, the establishment of reasonable cash reserves for anticipated
future disbursements for maintenance and operating expenses, and the
establishment of reserves for the construction of recreational
facilities or the retirement of debt not subject to amortization.
2.
In the event that the corporation has an operating deficit at the end of the its fiscal year, after having applied all prior years’ surplus earnings,
such deficit shall be allocated to members on the following basis:
(a)
Each member shall pay that fractional part of the corporation’s deficit
equal to the total amount of the deficit multiplied by a fraction, the
numerator of which is the dollar amount total annual assessments levied
by that member on its membership and the denominator of which is the
dollar amount of the total annual assessments levied by all members on
their memberships.
3. Each member shall treat any assessment
against it by the corporation to cover an operating expense deficit as
an operating expense of the member.
4. In the event a member
fails to pay its share of the corporation’s operating expense within
thirty (30) days after having been notified of the amount due, the
member shall be suspended from participation in the affairs of the
corporation, and the member’s membership shall be prohibited from using
the facilities of the corporation until such time as the amount assessed
is paid by the member.
ARTICLE XIV
CORPORATE SEAL
The
corporation shall have a seal in circular form having within its
circumference the words: BURNING TREE AREA I ASSOCIATION, INC.
ARTICLE XV
AMENDMENTS
These
bylaws may be amended, at a regular or special meeting of the members,
by a vote of a seventy-five percent (75%) majority of a quorum of
members present in person
or by proxy.
ARTICLE XVI
FISCAL YEAR
The fiscal year of the corporation shall be the
calendar year.
