HomeMy WebLinkAbout0210 in trust or hypothecate any or all of its real or
personal property as security for money borrowed
or debts incurred;
(e) Dedicate, sell or transfer all or any ~
I part of the Common Area shown on the Plat to any
public agency, authority or utility for such
purposes and subject to such conditions as may be
agreed to by the members. No such dedication or
transfer shall be effective unless an instrument
has been signed by two-thirds (2/3rds) of the
members, agreeing to such dedication, sale or
I~ transfer;
I (f) Participate in mergers and consolidations
I, with other nonprofit corporations organized for
I the same purposes or annex additional residential
property and Common Area, provided that any such
merger, consolidation or annexation shall have the
;i assent of two-thirds (2/3rds) of the members;
~i
~ (g) To use the proceeds of assessments in
the exercise of its power and duties;
(h) To maintain, repair, replace, manage and ~
operate the property; I
Rt
(i) To purchase insurance upon the property I
I' and insurance for the protection of the Association `
and its members as Owners;
~
(j) To make and amend reasonable rules and ~
' regulations respecting the use of the property in
the Subdivision; provided, .however, that all such
rules and regulations and amendments thereto
(except for the initial rules and regulations ~
I which may be adopted by the First Board of Directors)
shall be approved by not less than 65$ of the
votes of the entire membership of the Association
~ ~ before the same shall become effective; !
(k) To enforce by legal means the provision ~
of the Declaration, these Articles of Incorporation,
the Bylaws of the Association and the rules and
~ i': regulations, if any, for use of the property of
the Subdivision;
~I (1) To contract for the management of the
Subdivision and to delegate to such contractor all
~ powers and duties of the Association, except such
f as are specifically required by the Declaration to
I~ Have the approval of Directors or the membership
of the Association;
(m) To employ personnel to perform the
~ services required for proper operation of the
Subdivision;
(n) To acquire or enter into (prior or
f. subsequent to the recording of the Declaration)
agreements whereby it acquires ownership or other
possessory or use interest in real and personal
property, including, but not limited to, marinas
and other recreational facilities, whether or not
SO".14!ER 8 FRASIER, ~i contiguous to the lands of the Subdivision, intended
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