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Log Cabin Club Subdivision
Property Owners Association
Section 1: Stockholders shall be limited to the number of lots in the Log Cabin Club Subdivision. Each property owner shall be issued one (1) share of voting stock and each purchaser shall upon the purchase of property in the Log Cabin Club Subdivision be issued one (1) share of voting stock, and should any person own or purchase more than one (1) lot, he shall be entitled to as many shares of stock as he owns lots, only one (1) share of stock, however, shall be voting stock. For this purpose of this article, joint tenants, tenants by the entireties, or tenants in common shall be deemed one person.
Section 2: Persons who are not property owners in said subdivision cannot hold stock in the Log Cabin Club Subdivision Property Owner's Association and are not entitled to vote on any questions at Stockholders meetings. Property owners automatically become stockholders when they purchase property in the Log Cabin Club Subdivision.
Section 3: Upon the death of any stockholder, his share or shares of stock are null and void, and the Corporation shall issue to the heir or heirs new stock certificates in accordance with Section 1 of this article.
Section 4: Stockholders rights and certificates shall terminate upon the sale of their property.
Meeting of Stockholders
A. Meetings will be held on the first Wednesday of the following months: February, May, and November.
B. All meetings shall start at 7:30 PM and Stockholders shall sign in before the meetings start or at such other times on those designated days as the Board of Directors shall designate.
Section 2: A special meeting of the stockholders may be held at any time upon the call of the President or by order of the Board of Directors, and it shall be the duty of the President to call such a meeting whenever requested to do so by Stockholders holding twenty (20) shares or more of the voting stock. Written notice of said special meetings shall be mailed to each stockholder at his address as it appears on the records of the Corporation, at least ten (10) days prior to said meeting stating therein the time, place and purpose for which the meeting is called. No quorum shall be needed to create a valid meeting.
Section 3: At a regular meeting of Stockholders, business can be conducted without a quorum.
Section 1: The Board of Directors shall consist of the President, Vice President, Secretary, Treasurer and Member at Large to be elected at the July meeting of the Stockholders and take office the following January.
Section 2: Meeting may be called by the President with two (2) days notice to the other directors and like meetings may be called on the like notice at the written request to the President by any two directors. Board Meetings shall be held at least one week in advance of a Stockholder's meeting.
Section 3: A majority of the Board of Directors in office shall be necessary to constitute a quorum for the transaction of business at Board Meetings and/or General Meetings.
Section 4: The Stockholders shall have power by a majority vote at any meeting to remove any Director or officer from office.
Section 5: Officers are voted on alternate years: one year Vice President, Secretary and Member at Large; next year President and Treasurer. Voting shall be secret and ballots destroyed.
Section 6: Vacancies in said Board may be filled by appointment by the remaining members of the Board at any of their regular meetings or special meetings.
Section 7: The business and property of the Corporation shall be managed by the Board of Directors.
Section 8: The duty of the Board of Directors and the Corporation shall be to conserve, maintain, and improve streets, drives, parks and other property dedicated to the use of the property owners in the Log Cabin Club Subdivision.
Section 9: Directors shall receive their maintenance fees paid for the year they hold office as a Director/Officer, and no person other than the holder of a certificate of a share of voting stock shall serve on the Board of Directors.
Section 10: The President of the Corporation shall be the Chairman of the Board of Directors and shall preside at all meetings. In his absence, the Vice President shall preside at all meetings, and if both are absent then the Secretary shall be the presiding officer.
Section 11: Board of Directors can spend up to $250.00 without member approval, excluding road maintenance.
Section 12: Audit to be done after the last meeting (November) of the calendar year. Audit to be done by CPA or two members of the Association appointed by the Board of Directors.
Section 1: The officers of the Corporation shall consist of a President, Vice President, Secretary, Treasurer and Member at Large.
Section 2: The duty of the President shall be to preside at Board Meetings and Stockholder's Meetings and to generally manage the Corporation. He/she shall with the Secretary, sign certificates of stock and all other instruments of writing requiring the Corporation Seal.
Section 3: The Vice President shall discharge the duties of the President whenever the President for any reason cannot discharge the duties of his/her office.
Section 4: The Secretary shall keep a stock record book of the Stockholders of the Corporation, keep Minutes of Director and Stockholder meetings, make reports and perform other duties commensurate with his/her office
Section 5: The Treasurer shall safely keep the monies of the Corporation which may come into his/her hands in depositories designated by the Board of Directors and shall perform his/her duties usually performed by the Treasurer of a Corporation, and when requested, he/she shall render a report to the Stockholders and the Board of Directors.
Section 6: Checks shall be signed by one (1) of the three (3) designated Directors: President, Secretary or Treasurer.
Section 7: Member at Large will greet guests at meetings, distribute association information and welcome new property owners and relay information on new members to the Secretary and Treasurer.
Section 1: The Corporation shall be financed by a yearly maintenance fee from its Stockholders who shall pay such amounts set by the Board of Directors and approved by the Stockholders necessary to discharge the Corporate obligations. Fees shall become due and payable May 31. All fees not paid by July 31 are delinquent and all delinquent fees will be turned over to the court after three months, in the form of a lien against the said property. A delinquent fee of $15.00 will be due on any fees paid after July 31.
Section 1: All property heretofore owned by the Log Cabin Club Subdivision shall upon the adoption of these bylaws by the Stockholders of the Log Cabin Club Subdivision Property Owner's Association become the property of said Corporation.
Section 2: All property purchased with corporate funds shall be titled in the name of the Corporation.
Section 3: All activities conducted by the Association from which a profit is derived, shall be used for the purpose of fulfilling obligations of the Corporation.
Section 4: In the event the Corporation shall be dissolved, money in the treasury will be divided among the present property owners.
Section 5: The dissolution of the Corporation shall be in no way void or affect the restrictions or rules set forth for the protection of the subdivision or the property owners.
Order of Business
Section 1: All meetings will be governed by the Roberts Rules of Parliamentary Procedure.
Section 2: The order of business at regular meetings shall be as follows:
1. Reading and approval of the previous meeting and Board meeting
2. Reports of Officers
3. Reports of Committees
4. Old Business
5. New Business
6. Nominations for Officers (May meeting)
7. Election of Officers (November meeting)
Amendment of the Bylaws
Section 1: These bylaws may be altered, amended, modified or added to.
Section 2: The Board of Directors or any five (5) Stockholders may propose changes in the bylaws by filing the same in writing, with the Secretary of the Corporation.
Section 3: At any special meeting or regular meeting for this purpose, Stockholders holding twenty (20) shares or more of the voting stock may vote on the amendment of the bylaws.
Section 4: Notice of intention to amend, alter, modify or add to these articles, together with the proposed changes shall be mailed ten (10) days in advance of said meeting, special or regular to all Stockholders of record as of that date.
Section I: The Corporation shall not be responsible for losses that occur resulting in a violation of a restriction or a rule.
Section 2: Should the Corporation be forced to defend a lawsuit, costs to pay for the court action cannot be taken from the maintenance fund.
Section 3: A Stockholder in violation of a restriction or a rule will be notified in writing by a member of the Board of the violation and given reasonable time to comply. If the Stockholder fails to comply and the notice is ignored, proper authorities will be notified and further action will be taken to force compliance.