Lake Sherwood HOA

BYLAWS

Lake Sherwood HOA

BYLAWS

LAKE SHERWOOD HOME OWNERS ASSOCIATION
A Non-Profit Association


Article 1. MEMBERS: This Association shall have one class, of members, who shall be lot owners in any of the Lake Sherwood Subdivisions.

Article 2. MEETINGS OF MEMBERS: The members shall meet at least annually, and the annual meeting shall be on the second Tuesday in February of each year. Special meetings of the members may be called by the President or by the Board of Directors, or by numbers constituting one-twentieth of the votes entitled to be cast at any such meeting.

Article 3. NOTICE OF MEMBER MEETINGS: Written notice stating the place, day and hour of a members’ meeting, and in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered either personally or by regular mail, by or at the direction of the President, or Secretary, or officers or other persons calling the meeting, not less than ten nor more than fifty days before the date of the seeming, to each member entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail, addressed to the member at his address, as it appears in the records of the association, with postage prepaid.

Article 4. VOTING: The owner or owners at a lot whose assessments are current, shall be entitled to one vote at any members' meeting, provided, however, that the owner of any multiple dwelling unit shall be entitled to a fraction of a vote for each dwelling unit. (i.e. Duplex 1/2 vote per living unit, 4-plex 1/4 vote per living unit) Voting may be in person or by proxy duly executed and delivered to the secretary prior to the opening of any meeting.

Article 5. CUMULATIVE VOTING: Cumulative voting for the election of directors shall be allowed.

Article 6. QUORUM: Twenty percent of the members entitled to cast a vote on any matter to be voted on, represented in person or by proxy, shall constitute a quorum; and a majority of the votes entitled to be cast on a matter voted upon by the members present or represented by proxy at a meeting at which a quorum is present shall be necessary for the adoption thereof.

Article 7. BOARD OF DIRECTORS: The affairs of the Association shall be managed by a Board of Directors, each of whom shall be be a member of the Association, the number of which shall be fixed prior to election at any annual meeting, and shall be not less than five nor more than fifteen.

Article 8. REMOVAL OF DIRECTORS: At any meeting of the members the notice of which indicates such purpose, directors say be removed with or without cause by vote of 20% of the members then entitled to vote at any election of directors.

Article 9. QUORUM OF DIRECTORS: A majority of directors shall constitute a quorum at any meeting.

Article 10. PLACE AND NOTICE OP DIRECTORS’ MEETING: Meetings of the Board of Directors, regular (2nd Tuesday every month) or special, may be called by any Board member upon five days notice, either in person or by mail. Neither the business to be transacted, nor the purpose of any regular or special meeting of the Board, need be specified in the notice or waiver of such meeting.

Article 11. OFFICERS: The officers of the Association shall constitute a President, one or more Vice Presidents, a Secretary, a Treasurer, and such other officers and assistant officers as may be deemed necessary for the purpose of carrying on .the business of the Association by the Board of Directors, who shall be elected by the Board at its first regular meeting after the annual meeting of the members for a term of one year. Any two or more offices may be held by the same person except the Office of the President and Secretary.

Article 12. REMOVAL OF OFFICERS: Any officer elected or appointed may be removed by a majority vote of the Board of Director.

Article 13. VACANCY ON THE BOARD: Any vacancy no the Board shall be filled by appointment by the Board of Directors. The appointed director shall serve the unexpired term for which he was appointed.

Article 14. BOOKS AND RECORDS: The Treasurer shall keep correct and complete books of account and the Secretary shall keep the minutes of the proceedings of its members, Board of Directors, and committees; and shall keep a record of the names and addresses of its members entitled to vote. All books and records may be inspected by any member, or his agent or attorney, for any proper purpose at any reasonable time. The Board of Directors may have the books audited at his discretion.

Article 15. ASSESSMENTS: The Board of Directors shall be authorized to set such annual assessments as it deems necessary for the proper financing of the business of the Association and such special assessments as are required to meet the financial needs of the Association. Assessments in succeeding years cannot be raised by an amount greater than twenty-five percent (25%) over the previous year’s assessment without an affirmative vote of fifty percent (50%) of the membership. One assessment shall be made upon each living unit of a single residence dwelling and upon each living unit of a multiple residence dwelling. Upon initial occupancy and thereafter of said living unit or units dues will become assessable forthwith. Assessments shall be determined by the Board of Directors by January 1 of each year. Assessments shall be payable according to the following time limits: the first one-half payable by February 28 and the remaining one-half payable by May 31 of each year. The Board of Directors shall have the authority to assess as it becomes necessary for the business and needs of the Association. Any unpaid assessment shall become a lien upon the property of any member, and enforced as any other encumbrance or lien. All assessments which are not paid when due shall bear interest at the rate of ten percent (10%) per annum until paid.

Article 16. RULES AND REGULATIONS: The Board of Directors shall have the authority to adopt and post such rules and regulations, subject to provisions of the protective covenants for Lake Sherwood Subdivisions, as it deems necessary for the proper operation of the properties of the Association, and may fix such penalties as are fair and equitable for the violation of such rules and regulations.

Article 17. The Board of Directors shall accept title in the Association to all common areas shown on the Plat of the various Lake Sherwood filings, and shall be responsible for their maintenance, operation and upkeep.

Article 18. All checks for payments will be counter signed by the President and Treasurer. Any expenditure greater than $150.00 shall be approved by the Board of Directors with the exception of utility bills (i.e. water, gas and electric).

Article 19. All adopted Bylaws shall comply in full with the Protective Covenants and Property Owners Association Agreement for Lake Sherwood Subdivision and will be recorded as part of public record.


December 10, 1974
Lois Binkley
Ed Hurtubis
Philip Litwak
Bill Marvin
Dorothy McDavid
Harold Miller
Arvin Master
Robin Payne
Tom Thompson