Golfview>Start>Board of Governors>Documents>Amended
and Restated
Bylaws Approved March 24, 2004
AMENDED & RESTATED
BYLAWS
OF
GOLFVIEW GOLF & RACQUET CLUB
COMMUNITY ASSOCIATION, INC.
1. GENERAL These are the
Amended & Restated Bylaws of Golfview Golf & Racquet Club
Community Association, Inc., (hereinafter the "Association"), a Florida
corporation not for profit organized for the purposes set forth in the
Articles of Incorporation.
1.1
Principal Office.
The principal office of this corporation is currently located at 14849
Hole-In- One Circle, Fort Myers, Florida 33919, and subsequently at
such other place as may be established by resolution of the Board of
Governors.
1.2 Definitions. All
terms defined in the Amended and Restated Declaration of Protective
Covenants, and Restrictions for Golfview Golf & Racquet Club (the
"Declaration of Covenants") to which these Bylaws were attached as an
exhibit when it was originally recorded, shall be used with the same
meanings as defined therein.
1.3 Seal. The seal of
the Association shall be inscribed with the name of the Association,
the year of its organization, and the words "Florida" and "corporation
not for profit". The seal may be used by causing it, or a facsimile of
it, to be impressed, affixed, reproduced or otherwise placed upon any
document or writing of the corporation where a seal may be required.
2. MEMBERSHIP AND VOTING RIGHTS.
2.1 Voting Rights; Voting Interests.
The owner(s) of each Living Unit shall have one (1) indivisible vote in
all Association matters.
2.2 Method of Voting.
All votes of the members pertaining to the Association shall be cast by
the Voting Representatives of the Neighborhood Associations designated
as provided in Section 3.6. Such procedure, subject to any
restrictions, limitations or conditions which may be imposed by The
Neighborhood Covenants or by other recorded instrument, shall provide
for votes to be cast in the same manner as originally cast by its
members. Nothing herein shall require the use of secret ballots
unless such use is required by law.
2.3 Membership Records.
Records shall be maintained by the Association showing the names of the
members, their addresses, the number of Living Units owned by each
member and such other information as the Board shall require.
Members may be issued, a certificate or other evidence of membership,
which may be wallet-size. The certificate of membership may set
forth the number of Living Units owned by the member and such other
information as determined by the Board. Admission to any Common
Area, facility, meeting or affair of the Association may be conditioned
upon production of a current certificate of membership by the member.
2.4 Transfer of Membership.
Except as provided in Section 2.7 below, no member may transfer his
Association membership, except as an appurtenance to his Lot or Living
Unit. The Association shall be entitled to charge an
administrative transfer fee equal to $100.00 for each transfer.
When a member ceases to be an owner, his membership shall cease.
The termination of membership in the Association does not relieve or
release any former member from liability or obligation incurred under
or in any way connected with the Association during the period of his
membership, nor does it impair any rights or remedies which the
Association may have against any former member arising out of or in any
way connected with such membership and the covenants and obligations
incident thereto. Interim membership is not transferrable.
2.5 Rights and Privileges of Members.
(A) Every member
shall have the right to:
(1) Have his vote
cast by his voting representative at the meetings of the members;
(2) Serve on the Board if elected;
(3) Serve on committees; and
(4) Attend membership meetings.
Each member is encouraged to take an
active interest in Association affairs.
(B) Every member
shall have the privilege of using and enjoying the Common Areas,
subject to the rules of the Association and the right of the
Association to charge admission and other fees for the use of any
facilities.
(C) A member is in good standing if he is current in
the payment of all assessments and other financial obligations to the
Association, and his membership is not suspended.
2.6 Delegation of Rights to use Common
Areas.
(A) In accordance
with Section 3.4 of the Declaration of Covenants, a member may delegate
his privilege to use the Common Areas to:
(1 ) A reasonable
number of guests if accompanied by the member; or
(2) Residential tenants who reside in the member's
Living Unit
(B) In the case of residential tenants of the
member's Living Unit, the delegating member must give prior written
notice to the Association of such delegation. The written
notification shall state the name, age, permanent address, intended
length of time the delegation will be effective, and such other
information about each residential tenant as the Board shall require.
(C) A member who has delegated his use privileges
and is not in residence in Golfview Golf & Racquet Club may not use
Common Areas during the period of the delegation, except as a guest of
another member. A member may not be the guest of his tenant.
(D) Members shall be responsible for keeping the
Association informed as to the identity and relationship of any persons
who normally reside with the member and intend to utilize the
Association Common Areas.
(E) The Board of Governors may limit the number of
guests or the frequency or duration of any member's delegation of use
rights, and may impose fees for the delegation of such rights of use of
the facilities by renters or guests, which fees may be different from
fees charged to members for their use.
(F) The delegation of membership is subject to the
one (1) family limitation described in Section 3.2 of the Declaration
of Covenants.
2.7 Suspension of Membership.
Unless otherwise prohibited by law, as further provided in the
Declaration, the Board may suspend a member's membership in the
Association:
(A) For the period
of time during which an assessment against the member remains unpaid
more than thirty (30) days after the date it was due and payable; or
(B) For a reasonable period during or after any
infraction of the Association's rules and regulations by a member or by
any person to whom he has expressly or impliedly delegated his use
privileges; or
(C) For misuse, abuse, or intentional destruction of
Association property, real or personal.
Membership shall not be suspended until the member has been sent
reasonable notice of the intended suspension and been offered a
reasonable opportunity to be heard. Suspension of any member's
membership temporarily revokes the member's rights and privileges to
use and enjoy Common Areas and facilities and to participate in
Association affairs. A suspension shall in no way impair the
enforceability of any assessment or lien therefor, or the authority of
the Association to assess and collect any future assessment and lien,
nor shall it impair the member's right of access to, and use of, his
own property in a manner consistent with the Governing Documents.
The right of the member to vote may not be suspended.
3. MEMBERS' MEETINGS.
3.1 Annual Meeting. The
annual meeting shall be held in Lee County each year, at a day, place
and time designated by the Board of Governors, for the purpose of
seating Governors and transacting any other duly authorized
business. The annual meeting is a general meeting and notice of
an annual meeting shall include a description of the purpose or
purposes for which the meeting is called.
3.2 Special Members' Meetings.
Special members' meetings must be held whenever called for by the
President, Vice-President, or by a majority of the Governors, and must
be promptly called by the Board upon receipt of a written request
signed by voting representatives entitled to cast votes for at least
twenty percent (20%) of the members. Such requests shall be in
writing and shall state the purpose or purposes of the meeting.
Business at any special meeting shall be limited to the item specified
in the request or contained in the notice of meeting.
3.3 Quorum. A quorum
shall be attained at a members' meeting by the presence in person of
voting representatives for at least fifty one percent (51 %) of the
total voting interests.
3.4 Vote Required to Transact Business.
The acts or resolution, approved by at least a majority of the votes
cast at a duly called meeting at which a quorum has been attained,
shall be the act of the Members, unless a higher vote is specifically
required by law or by the Governing Documents.
3.5 Notice of Meetings.
Written notice of meetings shall be sent electronically, mailed or
hand-delivered to the individual designated by each Neighborhood
Association to receive Association notices. Thereafter, it shall
be the responsibility of the Neighborhood Association to notify the
owners of all Living Units. The notices must be sent
electronically, mailed or delivered by the Association not less than
thirty (30) days prior to the date of the meeting.
3.6 Voting Representatives.
Each Neighborhood Association shall appoint and designate in writing to
the Secretary of the Association, at least annually prior to the
Community Association Annual Meeting, the name and address of one
person who will serve as its Voting Representative for that year.
That person will:
(A) Receive
Association notices;
(B) Represent the Members of that particular
Neighborhood Association at Association meetings;
(C) Cast the votes for the Units within the
Neighborhood; and
(D) Keep the Secretary of the Association informed
of changes in the ownership of Units as they occur, and the names and
addresses of the new Members. An Alternate Voting Representative
may be designated to serve in the absence or disability of the Voting
Representative. The Voting Representative and the Alternate
Voting Representative (if any) serve at the pleasure of the entity
which appointed them. Each voting representative shall be
entitled to vote the number of votes equal to the number of units
within each respective Neighborhood Association, as the voting
representative determines to be in the best interest of his/her
neighborhood, except that votes to amend the Golfview Golf &
Racquet Club Documents and decide other questions so designated by the
Community Association Board shall be cast by the voting representative
in the same manner in which they were directed to be cast by the owners
within his/her respective Neighborhood Association at a meeting of the
owners of such Neighborhood Association duly called and held in
accordance with the Articles of Incorporation and/or Bylaws of such
Neighborhood Association. The voting representatives shall, prior
to voting such votes at a meeting of the owners, supply the Community
Association with an Affidavit attesting to the outcome of such vote by
the owners within his/her respective Neighborhood Association.
3.7 Adjourned Meetings.
Any duly called meeting of the members may be adjourned to be
reconvened at a later time by vote of the majority of the voting
interests present, regardless of whether a quorum has been
attained. Unless the Bylaws require otherwise, adjournment of
annual or special meeting to a different date, time or place must be
announced at that meeting before an adjournment is taken, or notice
must be given of the new date, time, or place pursuant to Section
720.303(2), Florida Statutes (2000) as amended. Any business that
might have been transacted on the original date of the meeting may be
transacted at the adjourned meeting. If a new record date for the
adjourned meeting is or must be fixed under Section 617.0701, Florida
Statutes (2000), as amended, notice of the adjourned meeting must be
given to persons who are entitled to vote and are members as of the new
record date but were not members as of the previous record date.
3.8 Order of Business.
The order of business at Members' meetings shall be substantially as
follows:
(A) Determination
that a quorum has been attained.
(B) Reading or waiver of reading of minutes of last
Members' meeting.
(C) Reports of Officers
(D) Reports of Committees
(E) Election of Governors (when appropriate)
(F) Unfinished Business
(G) New Business
(H) Adjournment
3.9 Minutes.
Minutes of all meetings of the members must be maintained in written
form, or in another form that can be converted into written form.
3.10 Parliamentary Rules.
Roberts' Rules of Order (latest edition) shall govern the conduct of
the Association meetings when not in conflict with the law, with the
Declaration of Covenants, or with these Bylaws. The presiding
officer may appoint a Parliamentarian, but the decision of the
presiding officer on questions of parliamentary procedure shall
be final. Any question or point of order not raised at the
meeting to which it relates shall be deemed waived.
3.11 Action by Members without a Meeting.
Except the holding of the annual meeting, any action required or
permitted to be taken at a meeting of the Members may be taken by mail
without a meeting if written instruments expressing approval of the
action proposed to be taken are signed and returned by Members having
not less than the minimum number of votes that would be necessary to
take such action at a meeting at which all of the voting interests were
present and voting. If the requisite number of written consents
are received by the Secretary within sixty (60) days after the earliest
date which appears on any of the consent forms received, the proposed
action so authorized shall be of full force and effect as if the action
had been approved at a meeting of the Members held on the sixtieth
(60th) day. Within ten (10) days thereafter, the Board shall send
written notice of the action taken to all Members who have not
consented in writing. Nothing in this paragraph affects the rights of
members to call a special meeting of the membership, as provided for by
Section 3.2 above, or by law.
4. BOARD OF
GOVERNORS. The administration of the affairs of the Association
shall be by a Board of Governors consisting of up to ten (10) persons
who are, in fact, the voting representatives from the ten (10) separate
neighborhood associations. All powers and duties granted to the
Association by law, as modified and explained in the Declaration of
Covenants, Articles of Incorporation, and these Bylaws, shall be
exercised by the Board, subject to the approval or consent of the
members only when such is expressly required.
4.1 Powers. The Board
shall have the authority to:
(A) Manage and
control the affairs of the Association.
(B) Appoint and remove at its pleasure all officers,
agents and employees of the Association, prescribe their duties, fix
their compensation and require of them such security or fidelity bond
as it may deem expedient. No Board member may be employed by the
Association in any capacity whatsoever.
(C) Establish, levy, assess, and collect any
assessment or charge provided for in the Governing Documents.
(D) Designate one or more financial institution(s)
as depository for Association funds, and the officer(s) authorized to
make withdrawals therefrom.
(E) With the prior consent of at least a majority of
the voting interests, borrow money for Association purposes, and
assign, pledge, mortgage or encumber any Community or Association
Common Areas or future revenues of the Association as security therefor;
(F) Adopt, amend or revoke rules and regulations
relating to the use of Common Areas, and such sanctions for
noncompliance therewith, as it may deem necessary for the best interest
of the Association and its Members. The Board may also establish
and levy fees for the use of Common Areas or Association property;
(G) Cause the Association to employ sufficient
personnel to adequately perform the responsibilities of the Association;
(H) Negotiate and enter into contracts for the
maintenance and operation of the Common Areas;
(I) Make improvements to the Common Areas.
(J) Establish committees of the Association and
appoint the members thereof. It may assign to such committees
responsibilities and duties not inconsistent with the provisions of
these Bylaws as it may deem appropriate;
(K) Acquire property, real or personal, and enter
into agreements with any persons, relating to the orderly transfer of
property from said person to the Association and such other matters as
the Board may deem appropriate.
(L) Perform all other acts not inconsistent with law
or the governing documents and necessary for the proper functioning of
the Association.
4.2 Term of Office. Each
Governor shall be appointed for a term of one (1) year, or until the
Neighborhood Board replaces and appoints another person who is then
seated on the Community Association's Board of Governors. There
is no limit on the number of consecutive terms to which a Governor may
be appointed. A resignation must be in writing to be effective,
and may not be revoked once received by the Association.
4.3 Vacancies on the Board.
If the office of any Governor or Governors becomes vacant for any
reason, his/her replacement shall be made by the Neighborhood
Association Board where the vacancy occurred.
4.4 Removal. Any
Governor may be removed from the Board with or without cause by vote of
the affected Neighborhood Association Board.
4.5 Organizational Meeting.
An organizational meeting of a new Board of Governors shall be held
within ten (10) days after the seating of new Governors at such
place and time as may be fixed by the new Governors.
4.6 Regular Meetings.
Regular meetings of the Board shall be held at such time and place in
Lee County, Florida, as shall be determined from time to time by the
Governors. A regular meeting of the Board of Governors is any meeting
held according to a regular weekly, monthly or other periodic schedule
adopted from time to time by the Board. Notice of regular meetings
shall be given to each Governor, personally or by mail, telephone, or
electronically, at least ten (10) days before the day named for such
meeting. At regular meetings any business of the Association may be
transacted.
4.7 Special Meetings.
Special meetings of the Board are all meetings other than the annual
organizational meeting and regular meetings. Special meetings may
be called by the President, the Secretary, or by a majority of the
Governors. Not less than two (2) days notice of a special meeting
shall be given to each Governor, personally or by mail, telephone or
electronically, which notice shall state the time, place, and purposes
of the meeting. Business conducted at a special meeting shall be
limited to the items specified in the notice of the meeting.
4.8 Waiver of Notice by Governors.
Any Governor may waive notice of a Board meeting before or after the
meeting, and such waiver shall be deemed equivalent to the receipt of
notice. Attendance at a meeting by any Governor constitutes waiver of
notice, unless that Governor objects to the lack of notice at the
beginning of the meeting.
4.9 Board Meetings: Notice to Members.
A meeting of the Board of Governors occurs whenever a quorum of the
Board gathers and conducts Association business. All meetings of
the Board shall be open to all members, except as otherwise provided by
law. Notice of all Board meetings shall be posted in a
conspicuous place on the Association Common Areas at least forty-eight
(48) hours in advance of a meeting, except in an emergency. An
assessment may not be levied at a Board meeting unless the notice of
the meeting includes a statement that assessments will be considered
and the nature of such assessments. Any owner may record meetings of
the Board and meetings of the members. The Board may adopt reasonable
rules governing the recording of these meetings.
4.10 Quorum of Governors.
A quorum at a Board meeting shall exist only when a majority of all
Governors are present in person. Governors may not vote by proxy
or secret ballots at Board meetings, except that secret ballots may be
used in electing officers. Any Governor has a right to
participate in any meeting of the Board, or meeting of an executive or
other committee, by means of a conference telephone call or similar
communicative arrangement whereby all persons present can hear and
speak to all other persons. Participation by such means shall be
deemed equivalent to presence in person.
4.11 Vote Required.
Except as otherwise required by law or the governing documents, the
acts approved by a majority of the Governors present and voting at a
duly called Board meeting at which a quorum exists shall constitute the
acts of the Board of Governors.
4.12 Presumption of Assent.
A Governor who is present at a meeting of the Board shall be deemed to
have voted in favor of the point of view that prevails on any question,
unless he voted against such action or abstained from voting because of
an asserted conflict of interest. The vote of each Governor on
each matter considered, including abstention because of an asserted
conflict of interest, must be recorded in the minutes of the meeting. '
4.13 Adjourned Meetings.
The majority of the Governors present at any meeting of the Board,
regardless of whether a quorum exists, may adjourn the meeting to be
reconvened at a later time. When the meeting is reconvened, provided a
quorum exists, any business that might have been transacted at the
meeting originally called may be transacted without further notice.
4.14 The Presiding Officer.
The President of the Association, or in his absence, the
Vice-President, shall be the presiding officer at all meetings of the
Board of Governors. If neither is present, the presiding officer
shall be selected by majority vote of those present.
4.15 Compensation of Governors and
Officers. Neither Governors nor officers shall receive
compensation for their services as such. Governors may not also be
employees of the Association. Governors and officers may be compensated
for all actual and proper out-of-pocket expenses relating to the proper
discharge of their respective duties.
4.16 Emergency Powers. In
the event of an "emergency" as defined in Paragraph 4.16(G) below, the
Board of Governors of the Association may exercise the emergency powers
as described in this Section, and any other emergency powers authorized
by Sections 617.0207, and 617.0303, Florida Statutes (2000), as amended
from time to time.
(A) The Board may
name as assistant officers persons who are not Governors, which
assistant officers shall have the same authority as the executive
officers of whom they are assistant during the period of the emergency,
to accommodate the incapacity of any officer of the Association.
(B) The Board may relocate the principal office or
designate alternative principal offices or authorize the officers to do
so.
(C) During any
emergency the Board may hold meetings with notice given only to those
Governors with whom it is practicable to communicate, and the notice
may be given in any practical manner, including publication or
radio. The Governor or Governors in attendance at such a meeting
shall constitute a quorum.
(D) Corporate action taken in good faith during an
emergency under this Section to further the ordinary affairs of the
Association shall bind the Association; and shall have the rebuttable
presumption of being reasonable and necessary.
(E) Any officer, Governor or employee of the
Association acting with a reasonable belief that his actions are lawful
in accordance with these emergency Bylaws shall incur no liability for
doing so, except in the case of willful misconduct.
(F) The provisions
of these emergency Bylaws shall supersede any inconsistent or contrary
provisions of the Bylaws during the period of the emergency.
(G) For purposes of this Section, an "emergency"
exists only during a period of time that the Neighborhood, or the
immediate geographic area in which the Neighborhood is located, is
subjected to:
(l) a state of
emergency declared by law enforcement authorities;
(2) a hurricane warning;
(3) a partial or complete evacuation order;
(4) designation by federal or state government as a
"disaster area;" or
(5) a catastrophic occurrence, whether natural or
man-made, which seriously damages or threatens serious damage to the
Neighborhood, such as an earthquake, tidal wave, fire, hurricane,
tornado, war, civil unrest, or acts of terrorism.
4.17 Committee Meetings.
The provisions of this Section 4, governing the calling and holding of
Board meetings, shall also apply to the meetings of all committees or
other similar bodies specified in the Governing Documents, and to any
committee or similar body appointed by the Board. The meetings of
any Board-appointed committee, including any body vested with the power
to approve or disapprove architectural decisions must be conducted with
the same formalities as required for meetings of the Board.
5. OFFICERS.
5.1 Officers and Elections.
The executive officers of the Association shall be a President, and one
or more Vice-Presidents, who must be Governors of the Association, as
well as a Treasurer and a Secretary, all of whom shall be elected
annually by majority vote of the Board of Governors. Any officer
may be removed, with or without cause, by vote of a majority of all
Governors at any meeting. Any person except the President may
hold two or more offices. The Board of Governors shall, from time
to time, appoint such other officers, and designate their powers and
duties, as the Board shall find to be required to manage the affairs of
the Association.
5.2 President. The
President shall be the chief executive officer of the Association;
shall preside at all meetings of the Members and Governors, shall be
ex-officio a member of all standing committees, shall have general and
active management of the business of the Association, and shall see
that all orders and resolutions of the Board are carried into
effect. The President shall execute bonds, mortgages and other
contracts or documents requiring the seal of the Association, except
where such are permitted by law to be otherwise executed, and the power
to execute is delegated by the Board of Governors to another officer or
agent of the Association.
5.3 Vice-Presidents. The
Vice-Presidents in the order of their seniority shall, in the absence
or disability of the President, perform the duties and exercise the
powers of the President; and they shall perform such other duties as
the Board of Governors shall prescribe.
5.4 Secretary. The
Secretary shall attend the meetings of the Board and membership
meetings and shall record all votes and the minutes of all proceedings
in a book or books to be kept for the purpose, and shall perform like
duties for the standing committees when required. The Secretary
shall give, or cause to be given, notice of all meetings of the members
and of the Board of Governors, and shall perform such other duties as
may be prescribed by the Board or the President. The Secretary
shall keep in safe custody the seal of the Association and, when
authorized by the Board, affix the same to any instrument requiring it.
The Secretary shall be responsible for the proper recording of all duly
adopted amendments to the Governing Documents. Any of the
foregoing duties may be performed by an Assistant Secretary, if any has
been designated.
5.5 Treasurer. The
Treasurer shall have responsibility for the collection, safe-keeping,
and disbursement of funds and securities of the Association, shall keep
full and accurate accounts of receipts and disbursements in books
belonging to the Association, and shall deposit all monies and other
valuable effects in the name and to the credit of the Association in
such depositories as may be designated by the Board of Governors, and
prepare the budget for the Association. The Treasurer shall disburse
the funds of the Association, making proper vouchers for such
disbursements, and shall render to the President and Governors, at the
regular meetings of the Board, or whenever they may require it, an
account of all transactions and of the financial condition of the
Association. Any of the foregoing duties may be performed by an
Assistant Treasurer, if any has been designated.
6. ARCHITECTURAL REVIEW COMMITTEE.
The ARC provided for in Section 5 of the Declaration of Covenants shall
be selected, and conduct its affairs as provided in this Section.
6.1 Members: Qualification.
The Architectural Review Committee, hereinafter the "ARC,"shall
initially be composed of three (3) persons. No member of the ARC
shall be a Governor. Whenever possible and practical, one of the
committee members should be an architect, general contractor, or other
person with professional expertise in building, landscaping, or
architectural design.
6.2 Selection: Terms.
The members of the ARC shall be appointed by the President and if
approved by the Board of Governors shall serve terms of one year
beginning at the organizational meeting which follows the annual
meeting each year. If a mid-term vacancy occurs for any reason,
the President shall appoint a successor to fill the unexpired
term. Members of the ARC, once appointed, may be removed only by
vote of a (2/3) two-thirds majority of the Board of Governors.
6.3 Compensation. If
approved by the Board of Governors, any or all members of the ARC may
be compensated for their services.
6.4 Meetings. The ARC
shall meet at the call of the Chairman as necessary. The ARC
shall meet with the same formalities and notice requirements as
required for Board meetings, unless otherwise permitted by law.
Written notice of meetings shall be provided to each Neighborhood
Association at least one week in advance, and any Owner wishing to
appear before the ARC may do so.
6.5 Procedures: Voting.
A majority of the members of the ARC present in person at any duly
called meeting shall constitute a quorum. All questions shall be
decided by a majority of the entire committee. Where a question
involves proposed changes to a Living Unit owned by a member of the
ARC, that member shall be disqualified from participation in the
proceedings, and his place shall be taken by the then President of the
Association. If a proposed change is not approved, the reasons
for disapproval shall be stated in writing. Minutes of all
meetings of the ARC shall be kept in a business-like manner, and shall
be available at reasonable times for inspection or photocopying by any
owner. Copies of the plans and specifications for all approved
changes and construction shall be kept for at least five years.
7. FISCAL MATTERS. The
provisions for assessments and fiscal management of the Association set
forth in the Declaration of Covenants shall be supplemented by the
following provisions:
7.1 Depository. The
Association shall maintain its accounts in federally insured accounts
at financial institutions doing business in the State of Florida as may
be designated from time to time by the Board. Withdrawal of
monies from such accounts shall be only by such persons as are
authorized by the Board. The Board may invest Association funds
in interest-bearing accounts, money market funds, certificates of
deposit, U.S. Government securities, and other similar investment
vehicles, provided they are federally insured, or backed by the full
faith and credit of the United States.
7.2 Budget. The
Board of Governors shall, at a November meeting each year, adopt a
budget of general expenses for the next fiscal year. The budget must
reflect the estimated revenues and expenses for that year and the
estimated surplus or deficit as of the end of the current year.
The budget must set out separately all fees or charges for recreational
amenities, whether owned by the Association or another person.
The Association shall provide each member with a copy of the annual
budget or a written notice that a copy of the budget is available upon
request at no charge to the member. The proposed budget shall be
detailed and shall show the amounts budgeted by accounts and expense
classifications.
7.3 Reserves. The
Board may establish in the budget one or more reserve accounts for
repairs, improvements, capital expenditures or deferred
maintenance. The purpose of the reserves is to provide financial
stability and to avoid the need for special assessments. The
amounts proposed to be so reserved shall be shown in the proposed
annual budgets each year. These funds may be spent only for
purposes for which they were reserved, unless another use is approved
by unanimous consent of the entire Board.
7.4 Fidelity Bonds.
The Treasurer, and all other officers who are authorized to sign
checks, and all Governors and employees of the Association handling or
responsible for Association funds, shall be bonded in such amounts as
determined by the Board of Governors. The premiums on such bonds
shall be paid by the Association.
7.5 Accounts and Accounting Procedures.
The financial and accounting records of the Association must be kept
according to good accounting practices. All financial and
accounting records must be maintained for a period of at least seven
(7) years. The financial and accounting records must include:
(A) Accurate,
itemized, and detailed records of all receipts and expenditures.
(B) A current account and a period statement of the
account for each member, designating the name and current address of
each member who is obligated to pay assessments, the due date and
amount of each assessment or other charge against the member, the date
and amount of each payment on the account, and the balance due.
(C) All tax returns, financial statements, and
financial reports of the Association.
(D) Any other records that identify, measure, record
or communicate financial information.
7.6 Financial Reporting.
The Association shall prepare an annual financial report within sixty
(60) days after the close of the fiscal year. The Association
shall, within ten (10) business days after the report is prepared,
provide each member with a copy of the report, or a written notice that
a copy of the financial report is available upon request at no charge
to the member. The financial report must consist of either:
(A) Financial
statements presented in conformity with generally accepted accounting
principles; or
(B) A financial
report of actual receipts and expenditures, cash basis, which report
must show:
(1) The amount of
receipts and expenditures by classification; and
(2) The beginning and ending cash balances of the
Association.
7.7 Audits. A
formal certified audit of the accounts of the Association, if required
by law or by a majority of the Board of Governors, shall be made by an
independent certified public accountant, and a copy of the audit report
shall be available on request to each member.
7.8 Application of Payments and
Commingling of Funds. All monies collected by the
Association may be commingled, for investment purposes only, in a
single fund, or divided into two or more funds, as determined by the
Board of Governors. The books and records of the Association
shall be kept in conformity to generally accepted accounting
principles, and the audit and accounting guide for Common Interest
Realty Associations of the American Institute of Certified Public
Accountants. All payments on account by an Owner shall be applied as to
interest, delinquencies, costs and attorney's fees, other charges, and
annual or special assessments, in such manner and amounts as the Board
of Governors may determine, or as may be required by law.
7.9 Fiscal Year.
The fiscal year for the Association shall begin.on the first day of
January each year. The Board of Governors may change to a different
fiscal year in accordance with the provisions and regulations from time
to time prescribed in the Internal Revenue Code of the United States.
7.10 Payment of Assessments.
Annual assessments based on the adopted budget shall be payable
annually (due on January 1 of each year or such other date as the Board
of Governors may determine). Written notice of the annual assessment
shall be sent to all owners at least thirty (30) days prior to the due
date. Failure to send or receive such notice shall not, however,
excuse the obligation to pay. By resolution, the Board may
establish the place for payment, the method of payment, and a late
payment fee.
7.11 Special Assessments.
Special assessments may be imposed by the Board of Governors whenever
necessary to meet unbudgeted, emergency, or non-recurring expenses, or
for such other purposes as are authorized by the Declaration of
Covenants or these Bylaws. Special assessments are due on the day
specified in the resolution of the Board approving such assessment. The
notice of any special assessment must contain a statement of the
purpose(s) of the assessment, and the funds collected must be spent for
the stated purpose(s) or returned to the Members in a manner consistent
with law. The total of all special assessments payable by the
Members generally shall not exceed $200 per Living Unit in any fiscal
year unless approved in advance by a majority of the membership
interests.
7.12 Proof of Payment.
Within fifteen (15) days after receipt of request from the Owner,
mortgagee, or purchaser of a Living Unit, the Association shall furnish
a written statement certifying that all assessments then due from any
Living Unit have been paid, or indicating the amounts then due.
Anyone other than the Owner who relies upon such statement shall be
protected thereby.
7.13 Suspension.
The Association shall not be required to transfer Memberships on its
books or to allow the exercise of any rights or privileges of
Membership on account thereof to any owner, or to any persons claiming
under an owner, unless and until all assessments and charges to which
said owner and his Living Unit is subject have been paid in full.
8. AMENDMENT OF BYLAWS.
Amendments to these Bylaws shall be proposed and adopted in the
following manner:
8.1 Proposal.
Amendments to these Bylaws may be proposed either by a resolution
approved by a majority of the whole Board of Governors, or by a
petition to the Board signed by the voting representatives of at least
twenty-five percent (25%) of the voting interests of the
Association. Once so proposed, the amendments shall be submitted
to a vote of the Members at a meeting no later than the next annual
meeting for which notice can still properly be given.
8.2 Vote Required.
Except as otherwise provided by law, or by specific provision of the
Governing Documents, these Bylaws may be amended by concurrence of at
least two-thirds (2/3) of the voting interests present and voting at
any annual or special meeting, provided that the text of any proposed
amendment has been given to the Members with notice of the meeting.
8.3 Certificate: Recording.
A copy of each approved amendment shall be attached to a certificate
reciting that the amendment was duly adopted, which certificate shall
be executed by the President or Vice-President of the Association with
the formalities of a deed. The amendment shall be effective when
the certificate and copy of the amendment are recorded in the Public
Records of the County. The certificate must identify the book and
page of the Public Records where the Declaration of Covenants was
originally recorded.
9. MISCELLANEOUS.
9.1 Gender Number.
Whenever the masculine or singular form of the pronoun is used in these
Bylaws, it shall be construed to mean the masculine, feminine or
neuter; singular or plural, as the context requires.
9.2 Severability. Should
any portion hereof be void or become unenforceable, the remaining
provisions of the instrument shall remain in full force and effect.
9.3 Conflict. If
any irreconcilable conflict should exist, or hereafter arise, with
respect to the interpretation of these Amended & Restated Bylaws,
the Amended & Restated Declaration of Protective Covenants, or the
Amended & Restated Articles of Incorporation of the Association,
the provisions of the Amended & Restated Declaration of Covenants
shall prevail over the provisions of the Amended & Restated
Articles of Incorporation of the Association, as well as the Amended
& Restated Bylaws, and provisions of the Amended & Restated
Articles of Incorporation of the Association shall prevail over the
provisions of the Amended & Restated Bylaws.