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HomeMy WebLinkAboutBylaws - Watson Ridge BYLAWS OF WATSON RIDGE HOMEOWNERS ASSOCIATION, INC. A NON-PROFIT CORPORATION ARTICLE I. BUSINESS ADDRESS The business address of Watson Ridge Homeowners Association, Inc. (the “Association") shall be 2939 Breezewood Avenue, Suite 101, Fayetteville, North Carolina 28303. The business address may be changed by the Board of Directors of the Association if required by the U.S. Postal Service, or, upon approval of the membership, for any other reason. The registered office of the Association shall be as stated in the records of the North Carolina Secretary of State. ARTICLE II. MEMBERSHIP IN THE ASSOCIATION Every person or entity who is a record owner of a fee or undivided fee interest in any of the Lots in any phase of Watson Ridge Subdivision (“the Subdivision"), located in Harnett County, North Carolina, shall be a member of the Association. Ownership of such interest shall be the sole qualification for membership, and membership shall be appurtenant to and may not be separated from such ownership. ARTICLE III. PURPOSES OF THE ASSOCIATION The purposes and duties of the Association shall be: A. To manage the Subdivision pursuant to the terms and provisions of the North Carolina General Statutes, these Bylaws, any Rules and Regulations promulgated by the Association or its Board of Directors and the Declaration of Covenants, Conditions and Restrictions for Watson Ridge Subdivision recorded at Book _____, Page _____, Harnett County Registry (the “Declaration”), as the same may be amended from time to time; B. To enforce the provisions of these Bylaws, the Declaration, and any Rules and Regulations promulgated by the Association or its Board of Directors; C. To promote and protect the enjoyment and beneficial use and ownership of all of the Lots of the Subdivision (“the Lots”). No part of the net earnings of the Association shall inure to the benefit of its members, the members of its Board of Directors or its officers, or to any other person, except that the Association shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the above stated purposes. ARTICLE IV. ASSESSMENTS The Association shall make and collect assessments against the Lots as stated in the Declaration and as provided in the North Carolina General Statutes. ARTICLE V. MEETINGS OF MEMBERS Section 1. Place of Meetings. All meetings of members shall be held at such place in Harnett County, North Carolina, as shall be designated on the notice of the meeting or agreed upon by a majority of the members entitled to vote thereat. Section 2. Annual Meetings. The annual meeting of the members shall be held during the month of January of each year on any day during that month (except a legal holiday) as determined by the Board of Directors, for the following purposes: 1. to ratify or reject the summary of the proposed budget submitted by the Board of Directors pursuant to Article VI below; 2. to elect the Board of Directors of the Association; and 3. to transact any other business that may come before the membership, including but not limited to the adoption, modification and/or repeal of any Rules and Regulations governing the Subdivision. Section 3. Substitute Annual Meeting. If the annual meeting shall not be held on the day designated by these Bylaws, a substitute annual meeting may be called in accordance with the provisions of Section 4 of this Article V. A meeting so called shall be designated and treated for all purposes as the annual meeting.