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POLICY MAAL
SECTION V
P.O.A.
BY - LAWS
LAMONT SHORES PROPERTY OWNRS ASSOCIATION
POLICY MAAL
SECTION V.
BY LAWS
OF
LAMONT SHORES PROPERTY OWNRS
ASSOCIATION
ARTICLE I
Defini tions
Section i. "Association" shall mean and refer to the LAKEMONT
SHORES PROPERTY OWNERS ASSOCIATION, INC. , a nonprofit corporation
organized and existing under the laws of the State of Oklahoma.
Location
Section 1. The principal office of the Association shall be
located at the Lakemont Shores and Bay Club Clubhouse, 7 miles East of
Disney on highway 28 and 114 mile North. The mailing address shall be
Post Office Box 376, Disney, Oklahoma, 74340.
ARTICLE III
Membership
Section 1. CHARTER MEMBERSHIP. Every person or legal entity
who purchased a fee, or undivided fee, interest in a lot in Lakemont
Shores development (excluding Ponderosa Park and Chestnut Hills and
all future additions) prior to February 1, 1977, shall be Charter
Members of the Association so long as they shall be record owners of a
fee, or undivided fee, interest in any such lot. For charter
membership purposes only, "record owner" shall include those who have
purchased on a contract for deed from the Developer, however, the
annual assessment applicable to such Charter Member shall be the
Twenty-Four Dollars ($24.00) per year per lot upkeep and
beautification charge set forth in the applicable recorded restrictive
covenants. Owners in East and West Additions must pay the Twenty-Four
Dollars ($24.00) per lot charge to be entitled to membership. In the
event that such annual assessment is not paid timely (time is of the
essence) by March 1 of each year, such Charter Membership shall
terminate automatically and without notice. If any Charter Member
wishes to rej oin the Association, he may do so only by becoming a
regular member and by adding his Lot to the Declaration and shall
thereby become obligated to pay the full Regular Membership annual
assessment. Charter Members shall be entitled to all of the
privileges of a member. Rescission or termination of a contract of
purchase, contract for deed, note or mortgage or other purchase
agreement shall terminate the Charter Membership. A Lot or Living
Uni t shall not be considered fully paid until the contract for
purchase, contract for deed, promissory note and mortgage or other
purchase agreement shall be fully satisfied. Charter Members are
limi ted to those persons or legal entities that own, of record, on
February 1, 1977, a fee, or undivided fee, interest in a Lot.
Subsequent record owners of a fee, or undivided fee, interest in such
Lots are not entitled to Charter Membership and shall be required to
become Regular Members if they wish to enjoy the use of the common
facili ties of the Association. If such subsequent record owners do
not choose to become Regular Members, they are still required to pay
the Twenty-Four Dollars ($24.00) per lot per year upkeep and
beautification fee to the Association, which fee shall be used for
road maintenance and general beautification of Lakemont Shores but
will not be used for maintenance of the common facilities. In order
to become a Regular Member, the record owner of a fee, or undivided
fee, interest shall be required to add the subj ect Lot to the
Declaration and shall thereby become obligated to pay the full Regular
Membership Annual Assessment. Charter Members may be excluded from
enjoyment of the common facilities that were not proposed at the time
that such Charter Member purchased his, her or its lot. (Amended June
13, 1981)
ARTICLE IV
Voting Rights
ARTICLE V
ARTICLE VI
Association Purposes and Powers
ARTICLE VII
Board of Directors
ARTICLE VIII
ARTICLE IX
Powers and Duties of the Board of Directors
ARTICLE X
Directors' Meetings
Officers
Section 1. The officers shall be a President, a
Vice-President, a Secretary and a Treasurer. The President shall be a
member of the Board of Directors. The offices of Secretary and
Treasurer may be held by the same person. The Board may elect such
other officers as the affairs of the Association may require, each of
.,.
whom shall hold office for such period, have such authority and
perform such duties as the Board may, from time to time, determine.
ARTICLE XII
Committees
Section 1. The standing committees of the Association shall
be:
Nominating Committee
Recreation Committee
Construction and Maintenance Committee
Archi tectural Control Committee
Publici ty Committee
Audi t Commi t tee
ARTICLE XIII
Meeting of Members
members shall be
Section 1. The regular annual meeting of the
held on the Saturday. preceding the 15th day of the month of June in
each year, at 10:00 a.m., or at the same hour upon such other date
during the year as the Directors may, by resolution designate. If the
Directors do not designate another meeting date, and if the date for
the annual meeting of the members shall fall upon a holiday, the
meeting will be held at the same hour on the first Saturday following
which is not a holiday. The meeting shall be held at or near the
Common Properties referred to in the By-Laws and Declaration of
Covenants and Restrictions of the Association, or at such other place
as the Directors may by resolution designate. (Amended June 13, 1981)
ARTICLE XIV
Proxies
Section 1. At all corporate meetings of members, each member
may vote in person or by proxy.
ARTICLE XV
ARTICLE XVI
Corporate Seal
ARTICLE XVI I
Amendments
Section 1. These By-Laws may be amended at any regular or
special meeting of the Board of Directors by a vote of a majority of a
quorum present and voting, provided that those provision of these
By-Laws which are governed by the Articles of Incorporation of this
Association may not be amended except as provided in the Articles of
Incorporation or applicable law; and provided further that any matter
stated herein to be or which is, in fact, governed by the Declaration
applicable to The Properties may not be amended except as provided in
such Declaration.
Section 2. In the case of any conflict between the Articles
of Incorporation and these By-Laws, the Articles shall control; and in
the case of any conflict between the Declaration applicable to the
Properties and these By-Laws, the Declaration shall control. Under no
circumstances will either the Declaration or the By-Laws supersede the
Articles of Incorporation. (Amended January 1986)'