HomeMy WebLinkAbout1538 ' 49Q5~5Z
AMENDMENTS. TO
BY-LAWS
OF
NETTLES ISLAND, INC.
The Board of Directors of Nettles Island, Inc., upon
receiving the written authorization and approval of 75t of
the unit owners of Nettles Island, Inc. hereby, amends the
By-Laws as follows: _
ARTICLE II - A. MEETINGS OF THS MEMBERSHIP - Add Section 10.
Section 10. Reserve Fund and Deferred Maintenance. At
every Annual Meeting, the issue of whether or not to collect a
reserve fund for the current year shall be placed on the agenda
for consideration by the unit owners. A 2/3 vote of the. unit
owners present in person or by directed proxy is required to
defeat the reserve fund for the coming year.
ARTICLE III. DIRECTORS Section 10. Powers and Duties_ -
Add subsection (m).
(m) The Board of Directors shall not lease or agree to
convey by any other means, any of the common elements or parts
of common elements to other parties without the affiraative
vote of seventy-five (75$) percent of the-Unit Owners voting
in person or by directed proxy at a meeting of the Unit Owners
i
duly called for that purpose.
ARTICLE V. FISCAL MANAGEMENT - Amend Section 5 to read as
follows:
g Section 5. Application of Payments and Co-Mingling of
{
Funds. All sums collected by the A-sociation from assessments
I
may be co-mingled in a single fund or divided. into more than
one fund as determined by the Board of Directors. Except, all
sums collected for Capital Ex nditures and Deferred Maintenance
per 718.112 (k) shall be kept in separate fund(s) for the sole
purpose of expenditures on Capital Expenditures and Deferred
Maintenance. All assessment...in its sole discretion.
i 3 X1536
c