BYLAWS OF TWO WORLDS OF COLUMBUS CONDOMINIUM OWNERS ASSOCIATION, INC.

Transcription

1 BYLAWS OF TWO WORLDS OF COLUMBUS CONDOMINIUM OWNERS ASSOCIATION, INC. ARTICLE I. IDENTIFICATION Section 1. Name The name of the Association is the Two Worlds Columbus Condominium Owners Association, Inc. (hereinafter referred to as the Association ). Section 2. Principal Office The post office address of the Association is 2851 Two Worlds Drive, Columbus IN Section 3. Fiscal Year of the Association shall be from January 1 to December 31. ARTICLE II. ASSOCIATION MEMBERS Section 1. Membership is automatic with property ownership. Section 2. Meetings A. All meetings of the members of the Association shall be held on the property. B. The quarterly meetings of the members shall be held during March, June, September, and December. C. Special meeting 1. Called by one-third (1/3), thirty six (36) votes of the membership or three (3) members of the Directors. 2. Written notice of the meeting must be sent to all voting members and state the purpose, date, time and place of the meeting. D. Notice of Meetings 1. Must be provided at least ten (10) days prior to the meeting 2. Must state place, date, and time of meeting 3. Must be sent to all voting members E. Voting 1. There is one vote permitted per condominium unit. 2. Proxy vote is permitted with written notification to the President and Secretary a. Must be signed by homeowner b. Is only effective for the meeting/issue noted 3. Written vote is solicited for a. Election of Board of Directors b. Change in governing documents F. Quorum 1. One-fourth (1/4) or twenty-seven (27) of the membership constitutes a quorum 2. If a quorum is not present at a quarterly meeting, the membership present will vote on the issues presented on behalf of the absent membership. The results of the vote will be presented to the absent membership within fourteen (14) days for comments before being implemented thirty (30) days after the vote is taken. G. Written minutes of the meeting must be provided for the membership if requested. ARTICLE III. BOARD OF DIRECTORS Section 1. Number, term of office and qualifications A. There shall be five (5) members of the Board of Directors B. The candidates for office must be resident owners C. Three candidates are elected every year

2 1. Two candidates receiving the most number of votes is elected for a two year term of office. 2. The third candidate receiving the highest number of votes is elected for a one year term of office. 3. Each term of office is from January 1 to December 31. Section 2. Vacancies A. Should be a position on the Board become vacant, it shall be filled by the candidate who received the next highest number of votes cast in the previous election. B. A Board member must resign should they no longer meet the qualifications. C. A two-thirds (2/3) vote seventy two (72) by the voting membership is required to remove a member of the Board of Directors from office. Section 3. Meetings A. The Board of Directors shall meet monthly. B. Meeting dates, time, and location shall be published to the membership at least ten (10) days prior to the meeting. C. A quorum is three (3) members. D. Special Meetings 1. May be called by the President or any two (2) members. 2. Twenty-four (24) hour notice must be provided. E. Written minutes shall be taken of the meeting and provided to the Board of Directors within ten (10) days. ARTICLE IV OFFICERS Section 1. Officers A. The officers shall be President, Vice President, Secretary, Treasurer and Committee Coordinator. B. One person may not hold two offices at the same time. C. Officers shall serve without compensation except by vote of the membership Section 2. Election A. Election is held preceding the December annual meeting of the membership. B. Any officer may be removed by a two thirds (2/3) vote seventy two (72) of the membership C. Term of office is from January 1 to December 31. Section 3. Duties A. President 1. Shall preside at all meetings of the Board of Directors and the membership 2. Shall have general and active supervision, control and management of the affairs and business of the Association, subject to the direction of the Board of Directors. 3. Shall provide supervision and direction to all employees of the Association, subject to the direction of the Board of Directors. 4. Shall approve all expenditure vouchers and countersign payment vouchers as presented by the Treasurer. 5. Shall sign all contracts, agreements, deeds, conveyances, mortgages and similar instruments authorized by the Board of Directors. B. Vice President 1. Shall assist the President in all responsibilities and duties 2. Shall conduct meetings in the absence of the President 3. Shall perform any duties designated by the Board of Directors

3 C. Secretary 1. Shall keep accurate minutes of all meetings of the Board of Directors and the Association 2. Shall distribute minutes at the next meeting 3. Shall prepare and distribute a newsletter for the membership when needed D. Treasurer 1. Shall keep correct and complete records of accounts which show accurately the financial condition of the Association 2. Shall be the custodian of the Association funds 3. Shall immediately deposit funds received for the Association 4. Shall disburse funds as ordered by the Board of Directors or President. All payment vouchers are to be countersigned by the President. 5. Shall provide the membership with a monthly summary of all financial transactions. 6. Shall assist in the preparation of the annual budget for the presentation to the membership for approval at the December quarterly meeting. 7. Shall provide all financial records upon request for analysis and audit on less than one time per year. 8. Shall assure that appropriate insurance is secured for the officers and appropriate bonding for the President and Treasurer. E. Committee Coordinator 1. Shall contact members to serve on the Association committees. 2. Shall oversee activities of the committees 3. Make recommendations to the Board of Directors a. Future projects for the committees b. Budgetary outlooks for future consideration c. Committee member replacements 4. Serve as liaison between committees and the Board of Directors ARTICLE V ADMINISTRATION Section 1. Board of Directors A. Responsible for direction and administration of the Property. B. Governing of the Bylaws and Declaration of the Board of Directors shall be final and binding on the Association and on all owners. Section 2. General Powers of the Board of Directors A. Election of officers of the Association B. Administration of the affairs of the Association and Property C. Formulation of policies for administration, management and operation of the Property, common areas and facilities D. Provide for maintenance, repair and replacement of the property, common areas and facilities E. Employment of personnel necessary for the operation of the Association F. Comply with the wishes of the majority of the membership regarding operational policies G. Exercise all powers and duties of the Board of Directors or Owners as a group referred to in the Indiana Horizontal Properties Act ( Act ), the Declaration or these Bylaws. Section 3. Expenditures to be covered by Maintenance fees A. Utility Service

4 1. Water and sewage for all condominium units, common areas and facilities 2. Waste removal other than that provided by the city 3. Electricity for common areas and facilities 4. Telephone for the principle business office. B. Insurance 1. Fire and other hazards for the full insurable replacement cost of the Common Areas, Facilities, and condominium units in accordance with Article VI of the Declaration. 2. Liability for common areas and facilities 3. Business umbrella for the Board of Directors 4. Bond for the Treasurer and President equal to or greater than three (3) months assessments of total units plus the total amount of the reserves. 5. Deductible C. Wages and fees for services 1. Maintenance and operation of the property 2. Legal and accounting 3. Care of the common areas and facilities D. Any other expenses deemed appropriate by the Board of Directors to be in the best interest and for the benefit of the general membership. 1. Maintenance necessary to protect the common areas and facilities 2. Any necessary repairs which the owner has failed or refused to perform within a reasonable time after written notification has been provided. These expenses shall be levied against the owner as a special assessment with an additional fine of $ E. Non-budgeted expenditures exceeding $5, requires a two thirds (2/3) approval seventy two (72) by the voting membership. In emergency situation, approval may be solicited after the fact. Section 4. Expenditure rules and regulations A. All vouchers submitted for payment to the Treasurer for expenditures shall be approved by the Board of Directors and authorized for payment by the President. B. Written notification shall be provided to the membership by the Board of Directors of all actions taken regarding expenditures and regulation adjustments on the behalf of the membership. C. The Board of Directors shall never assume the authority to conduct a business for profit on behalf of the membership or themselves. ARTICLE VI ASSESSMENTS Section 1. Preparation of an Estimated Budget A. The Board of Directors and all committee chairs shall present to the Treasurer an estimate of expenditures for the coming year by November 1. B. The Treasurer shall present to the Budget and Finance committee a suggested budget for the coming year at least ten (10) days prior to the December quarterly meeting. C. An estimated budget for the coming year is to be submitted at the December quarterly meeting for approval by the membership. Section 2. Reserves for Contingencies and Replacements A. The Board of Directors shall assure that funds are set aside as a reserve for contingencies and replacements.

5 B. The reserve fund is to be used for extraordinary expenditures not originally included in the budget approved by the membership. C. The membership must be advised of such expenditure within thirty (30) days if the need is of an emergency nature or pre-approve expenditure if not an emergency. D. A minimum amount equal to one tenth (1/10) of annual allocations must be maintained in the reserve account. E. Should the reserve account funds not be sufficient to meet the needs of the Association, the Board of Directors shall be empowered to request approval from the membership for a levy of a special assessment to fund a specific project. Section 3. Collection of funds A. Each condominium owner is responsible to pay a monthly maintenance fee due the first of the month, to be received in the office and delinquent if not paid by 5:00 pm on the 5 th day of the month. 1. No interest credit is allowed for prepaid fees. 2. Maintenance fees that are delinquent shall be assessed a charge for each month of delinquency to be determined by the membership and enforced by the Treasurer. 3. Fees that are delinquent for more than two months may be collected in small claims court, the homeowner being responsible for all legal and court costs. 4. The Association shall take whatever action is necessary to collect fees that are unpaid after a court order for payment has not been honored. All expenses for collection of said fees are to be borne by the homeowner. B. Other collected funds 1. All other fees collected by the Treasurer shall be deposited in a separate savings account to supplement the reserve account. a. Maintenance late fees b. Clubhouse rental fees c. Pool rental fees d. Rule infraction fees 2. Fees for the rental of the clubhouse shall be determined by the membership and collected by the Chair of the Clubhouse Committee and given to the Treasurer for deposit. 3. Fees for use/rental of the pool area shall be determined by the membership and collected by the Chair of the Pool Committee and given to the Treasurer for deposit. 4. Fees assessed for the infraction of association rules are to be determined by the membership and collected by the Treasurer. 5. An accounting of all collected fees shall be provided to the Board of Directors every month and to the membership every quarter. ARTICLE VII AMENDMENTS AND DEFINITIONS Section 1 Amendments A. Require approval of two thirds (2/3) membership seventy two (72). B. Must be published to the membership thirty (30) days prior to consideration. Section 2. Definitions A. Shall be the same as those contained in the Declaration. B. May be amended by a two thirds (2/3) approval seventy two (72) of the membership. ARTICLE IX THE INDIANA HORIZONTAL PROPERTY ACT

6 The provisions of the Indiana Horizontal Property Act of 1963, as amended, applicable to any of the matters not herein specifically covered by the Bylaws, are hereby incorporated by reference to and made a part of these Bylaws.