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Annual meeting: No later than 60 days after close of fiscal year Notice mailed or delivered 10-30 days prior to meeting Member may be represented by proxy May not conduct business if quorum (25%) not present (meeting is adjourned until 5-30 days hence) Can conduct business until adjournment as long as quorum remains Board: Powers and Duties: Preparation and adoption of an annual budget in which there shall be established the contribution of each Owner to the common expenses Making assessments to defray the common expenses, establishing the means and methods of collecting such assessments, and establishing the period of the installment payments of the annual assessment Sec20: Borrowing: Can borrow w/o approval for repair or restoration Must obtain approval (as in special assessments) if for modifying, improving or adding amenities and > $10,000 Covenants Art IV, Sec 4, Special Assessments: Board may levy special assessments <= $300 total per year, in any year, paid as determined by the board. Covenants Art IV, Sec 4, Computation (of assessments): Implies existence of Capital Budget showing 'capital contribution or reserve' amount Requires preparation of budget estimating costs for coming year Budget and assessment must be delivered to each member at least 30 days prior to end of current fiscal year Budget and assessment shall become effective unless disapproved at a meeting by the majority of the members (definition of majority is not stated, but means >half by common usage) If Board fails to prepare, or budget is disapproved, current budged continues in effect |
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