BYLAWS:
(5) ELECTION AND PROCEEDINGS OF BOARD OF DIRECTORS (CONTINUED):
The Owners shall establish a Five Member board of Directors consisting of one owner from each of the following plats: The Airport Addition, Plat 1, Plat 2, Plat 3, and Plat 4. The Number of Board Members elected at the annual meeting shall be determined by the number of vacant positions to be filled.
All Board members shall be a three year term, or until death, resignation, removal, or cessation of ownership occurs. Existing board members wlil complete their three-year terms. Any member may resign at any tmie by giving written notice to the board, and any member may be removed from membership on the board by vote of the owners; provided that, unless the entire board is removed, an individual member shall not be removed if the number of votes cast against his removal exceeds four (4) votes.
There also shall be elected two members to serve as alternate board members, to fill vacancies on the board. The alternate with the most votes shall fill the first vacancy. The alternate shall fill the vacancy until the next annual meeting at which time elections are held to fill vacated positions.
Three members of the board of directors shall constitute a quorum, and if a quorum is present, the decision of the majority of those present shall be the Act of the Board.
The Board of Directors shall elect a president for a one year term, who shall preside over both board and homeowner meetings. Meetings of the board may be called, held, and conducted in accordance with such regulations as the board may adopt.
The Board may also act without a meeting by unanimous written consetn of its members.
The Secretary will be elected by the membership.
The Board shall be responsible to hire a treasurer who will be required to maintain an adequate set of records for the association. The treasurer and the board shall be bonded for an amount deemed necessary by the board.
Any two persons who are designated of record as being members of the most recent board (regardless of whether or not they shall still be members) shall execute, acknowledge, and record an affidavit stating the names of all the members of the then current board.
The most recently recorded of such affidavits shall be prima facie evidence that the persons named therein are all the incumbent members of the board, and shall be conclusive evidence thereof in favor of all persons who rely thereon in Good Faith.
(6) AUTHORITY OF THE BOARD OF DIRECTORS:
The Board of Directors for the benefit of the owners shall acquire, and pay for, out of the maintenance fund, hereinafter provided for, the following:
(a) Maintenance and Improvement of Roads used in connection with the subdivided area, as used in these covenants, conditions, and Reservations. The Term "Non Dedicated Street" shall refer to a parcel of land or non exclusive easement not owners by the County, Cities, or State or Federal Governments, which is not offered for dedication for public use and which is used or intended to be used for access to the lots within the subdivision itself, or parcels adjacent thereto.
Suggested Changes
Change term to two years. Remove the word 'occurs' replace with 'whichever shall occur first'.
Define the percentage required to remove the entire board. Majority, Quorum, Super Majority?
Addition after next annual meeting - "or such other owners meeting where a majority of the lot owners are present."
Add language that makes the decision non-binding and subject to ratification or revision when the full five board membership convenes.
Define the role of President.
