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Amendments to the By-laws A series of amendments have been presented by a member or members in good standing to be voted on by the membership at the next annual membership meeting on October 20th. Presented here are the sections of the By-laws that are affected by the proposed amendments and the changes required by those amendments. The complete By-laws of the Lake Forest Property Owners Association may be examined by navigating to the "About Us" page on this site. |
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1. Section 2.4/Dues, Charges and Assessments The existing Section 2.4 reads as follows: 2.4 Dues, Charges and Assessments Members of the Association shall be obligated to pay dues, charges and assessments imposed by the Association. Annual increases in dues must be approved by members of the Association at the annual meeting. The Board of Directors has no authority to increase dues. The power of authority of the Board of Directors is limited to one (1) assessment annually, if deemed necessary, for the preservation of the Association. This assessment cannot exceed $50.00 per member annually. Proposed Change of Section 2.4 to read: 2.4 Dues, Charges and Assessments Members of the Association shall be obligated to pay any dues, charges and assessments imposed by the Association. Dues adjustments, commencing on or after January 1, 2005, will not exceed the Consumer Price Index published by the U.S. Bureau of Labor Statistics. |
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2. Section 3.6 / Quorum The existing Section 3.6 reads as follows: 3.6 Quorum At all meetings of the members of the Corporation (except as otherwise provided by statute, by the Articles of Incorporation or by the By-laws) the presence, in person or by proxy duly authorized, of persons holding at least twenty-five percent (25%) of the total votes eligible to be cast at such meeting, shall constitute a quorum for the transaction of business; but in absence of a quorum, a majority of such members present in person or by proxy may adjourn, from time to time, but not for a period of more than thirty (30) days in any one time, until a quorum shall attend. At any such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally called. No notice of any adjourned meeting need by given. Proposed Change to Section 3.6: 3.6 Quorum At all meetings of the members of the Corporation (except as otherwise provided by statute, by the Articles of Incorporation or by the By-laws) the presence, in person or by proxy duly authorized, of persons holding at least five percent (5%) of the total votes eligible to be cast at such meeting, shall constitute a quorum for the transaction of business; but in absence of a quorum, a majority of such members present in person or by proxy may adjourn, from time to time, but not for a period of more than thirty (30) days in any one time, until a quorum shall attend. At any such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally called. No notice of any adjourned meeting need by given. |
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3. Section 5.25 / Re-Election The existing Section 5.25 reads as follows: 5.25 Re-Election Any Director of the Association who has served a full three (3) year term in the office shall not be eligible for re-election to the Board of Directors for one year. Proposed Change to Section 5.25: Delete Section 5.25 |
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4. Section 5.35 / Borrowing Money The existing Section 5.35 reads as follows: 5.35 Borrowing Money The Board of Directors shall not have any authority to borrow money in any amount in excess of $100,000.00 per fiscal year, secured by Association property or on open account, without the approval of a majority of the membership present or represented by proxy at a duly called membership meeting. This limitation shall not apply to renewal, refinancing or extensions of existing loans. Proposed Change of Section 5.35: Delete Section 5.35 |
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5. Section 5.10 / Nomination of Directors The existing Section 5.10 reads as follows: 5.10 Nomination of Directors The Board of Directors shall appoint a Nominating Committee consisting of a Chairman, who shall be a member of the Board, and two or more full voting members of the Association in good standing. Members shall serve for a period of one year. There shall be an interval of two years before a member of a previous Nominating Committee may be reappointed. The Nominating Committee shall, through its Chairman, present to the Secretary of the Board of Directors, in writing, its selection of eligible nominees along with their qualifications for the Board of Directors, to fill vacancies occasioned by expiration of terms or resignation. The number of members so nominated shall be twice the number of Directors to be elected. The Board by majority vote may name additional nominees of its choice and endorse nominees otherwise selected. Proposed Change to Section 5.10 to read: 5.10 Nomination of Directors The Board of Directors shall appoint a Nominating Committee consisting of a Chairman, who shall be a member of the Board, and two or more full voting members of the Association in good standing. Members shall serve for a period of one year. The Nominating Committee shall, through its Chairman, present to the Secretary of the Board of Directors, in writing, its selection of eligible nominees along with their qualifications for the Board of Directors, to fill vacancies occasioned by expiration of terms or resignation. The Board by majority vote may name additional nominees of its choice and endorse nominees otherwise selected. |
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6. Section 6.6 / Amendments The existing Section 6.6 reads as follows: 6.6 Amendments A proposed amendment to the By-laws of the corporation must be presented to the voters 30 days prior to a vote, then the By-laws of the Corporation may be altered, amended, or repealed, in any particular, and any new By-laws, not inconsistent with any provision of the Certificate of Incorporation or any provision of law, may be adopted by the affirmation vote of a majority of the votes eligible to be voted at a meeting of the membership given at an annual meeting or at any special meeting of the membership. Proposed Change of Section 6.6 to read: 6.6 Amendments A proposed amendment to the By-laws of the corporation must be presented to the voters 30 days prior to a vote, after which the By-laws of the Corporation may be altered, amended, or repealed, in any particular, and any new By-laws, not inconsistent with any provision of the Certificate of Incorporation or any provision of law, may be adopted by (1) the affirmation vote of the majority of the membership present or represented by proxy at a duly called membership meeting. The notice of any such meeting shall include the form of the proposed alteration or repeal or the proposed new By-laws, or a summary thereof, or (2) by a vote of a majority of the Board of Directors an any meeting thereof; provided, however, the Board of Directors may not alter, amend, or repeal any By-law establishing the number of directors, the time or place of stockholders’ meetings or what constitutes a quorum at such stockholders’ meetings.
The details of the amendments submitted for vote of the membership were posted on this LFPOA web page on September 6, 2003 |