BY-LAWS OF
SKY VALLEY ASSOCIATION, INC.
REVISED
JUNE 27, 2006
Article
I
Definitions
As used
in these By-Laws:
Section 1.01. The term "Association" shall mean Sky Valley
Association, Inc.
Section 1.02. The term "Act" shall mean the Corporations and
Associations Article of the Annotated Code of Maryland, as amended from time to
time.
Section 1.03. The term "Articles of Incorporation" shall
mean the Articles of Incorporation of the Association, as amended from time to
time.
Section 1.04. The term "By-Laws" shall mean the By-Laws of
the Association, as amended from time to time.
Section 1.05. The term "Sky Valley" shall mean the
subdivision known as Sky Valley, which is situated in Garrett County, at Deep
Creek Lake, Maryland.
Article II
Identification
Section 2.01. Name. The name of the Association is Sky Valley Association,
Inc.
Section 2.02. Principal Office and Resident
Agent. The location of the principal
office of the Association and the designation of the resident agent of the
Association shall be as specified in the Articles of Incorporation, unless
after the adoption of the Articles of Incorporation, such location or such
designation or both shall be changed in accordance with the requirements of the
Act, in which case the notice of the change that is required by the Act (and
the more or most recent of such notices, if two or more shall have been filed)
shall be conclusive as to the matters covered by such notice.
Section 2.03. Seal. The seal of the Association shall be in the form of a
circle, about the upper periphery of which shall appear the words "Sky
Valley Association, Inc." (or an appropriate abbreviation thereof), and
about the lower periphery of which shall appear "1967 Maryland". When
the affixing of the seal of the Association to any instrument shall be
appropriate, the affixing shall be done by means of a metal die capable of
impressing the seal on paper.
Section 2.04. Fiscal Year. The fiscal year of the Association shall begin on the
first day of March in each year and end on the last day of February in the next
subsequent calendar year.
Article III
Membership
Section 3.01. Qualifications for Membership. The qualifications for membership in the Association
shall be as follows:
A. The members of the
Association shall be persons or corporations who at any time are owners (legal
or equitable) of numbered residential lots in Sky Valley. A person who has no
interest in real estate in Sky Valley other than an interest that is held
merely as security for the performance of an obligation to pay money (e. g.,
the interest of a mortgagee or a land contract vendor) shall not be entitled to
membership in the Association.
B. Membership in the Association shall lapse and
terminate when any member shall cease to be the owner of a numbered residential
lot in Sky Valley.
C. No member may be expelled from membership in
the Association for any reason whatsoever; provided, however, that the Board of
Directors of the Association shall have the right to suspend the voting rights
(if any), and the right to use the parks and other recreational facilities of
the Association of any member (I) for any period during which any Association
charge (including fines levied by the Association for violation of rules
applicable to Sky Valley) owed by the member remains unpaid; (II) and for the
period of any continuting violation of the restrictive covenants of Sky Valley,
after the existence of the violation shall have been declared in writing by the
Board of Directors of the Association. Further the Board of Directors of the
Association shall have the right to suspend the voting rights (if any) and
privileges of membership for the period any bill for service owed by the member
shall remain unpaid.
D. Any member whose annual dues and additional
charges are unpaid shall be considered not in good standing until such payment
is made. Annual dues and additional charges shall be considred to be unpaid if
they are not paid on or before the due date posted on the annual dues invoice
or bill.
E. There shall be no other preferences,
limitations, or restrictions with respect to the relative rights of the
members, unless otherwise defined in the rules and regulations of the
Association.
Section 3.02. Evidence of Membership. The Board of Directors of the Association shall have the
power (but not the duty) to cause the issuance of evidence of membership in the
Association to the members thereof in such form as the Board of Directors shall
prescribe. As of the date of the adoption of these By-Laws, the Board of
Directors has taken no action (except the adoption of this By-Law) in respect
of evidence of membership in the Association.
Section 3.03. Privileges of Membership. The members of the Association (and any person who both
belongs to the family of a member and has the same residence as the member to
whose family he belongs) and any person who is a guest of a member of the
Association shall have the privilege of using the streets within Sky Valley,
the areas designated as parks or pedestrian easements on the plats thereof, and
any other recreational facilities within Sky Valley that are owned by the
Association, in accordance with the restrictive covenants for Sky Valley and
the Articles of Incorporation and any such other rules for the use of such
streets or roads and parks adopted from time to time.
1. Only one house shall be
erected and maintained by any one lot and same shall in no case be used for
commercial purposes, unless approved by Sky Valley Association, Inc. Owing to
the topography of the grounds of said subdivision, and the desire to preserve
the natural beauty of the whole, Sky Valley Association, Inc. reserves the
right to approve the location and exterior appearance of the house or structure
before construction proceeds. Minimum residence living space on ground or first
floor, exclusive of porch area, shall be not less than 760 square feet.
2. No trailers, mobile homes or other similar
pre-fabricated or pre-built structure shall be permitted upon the land, but
this shall not be construed to prohibit pre-cut or pre-fabricated structures of
other than the "mobile" type.
3. No ditches or drains shall be dug or
constructed on said lot without approval of Sky Valley Association, Inc., or
its duly appointed agents, and only United States or Maryland approved septic
tanks shall be installed for sewerage disposal; garbage shall be kept in
containers approved by the Board of Directors and disposed of by removal from
said subdivision, and in no case shall sewerage or garbage or other noxious
substances be permitted to flow or run into or be thrown into Deep Creek Lake
or the pond of water maintained by the Association.
4. No fences, walls or hedges shall be installed
on the front portion of any lot within this subdivision between the front lot
line and the front building set-back line; provided, individual trees, shrubs
and other landscaping shall be permissible therein.
5. The exterior of any structure, the
construction of which is commenced, must be completed within 12 calendar months
from the date construction began. Minimum set-back requirements shall be as
specified in Article 4, section 401 for a single family detached dwelling in a
Lake Residential District as set forth in the DEEP CREEK WATERSHED ZONING
ORDINANCE. (40 ft. front and rear 15 ft. sides.)
6. The owner (owners) agree that they will not
do, nor permit to be done on said property, anything which shall amount to a
nuisance, either private or public.
7. No boat docks, floats or other structures extending
into the lake shall be constructed or placed into or on said lake without prior
written approval of Sky Valley Association, Inc., its successors or assigns.
8. All covenants and agreements herein set forth
as well as restrictions will bind on and run with the land and the said Sky
Valley Association, Inc. for itself, its successors and assigns, agrees that
the same or similar restrictions, covenants and agreements shall be included in
each deed or conveyance for all property sold from the said subdivision.
9. Sky Valley Association, Inc., for itself, its
successors, assigns and licensees reserves a fifteen (15) foot wide easement
along both sides of all road rights-of-way and a ten (10) foot wide easement
along the side and rear lines of each and every lot, with the right of ingress
and egress thereon for the purpose of installing and maintaining utility lines,
gas and water mains, sewer lines and drainage ditches and appurtenances
thereto; together with the right to trim, cut or remove any trees or brush
necessary, and the right to locate guy wires, braces and anchors where
necessary. Except where an owner of two or more adjoining lots constructs a
building which will cross over or through a common lot line, said common lot
line shall not be subject to the aforementioned ten (10) foot easement. Sky
Valley Association, Inc., for itself, its successors, assigns and licensees
also reserves the right to cause or permit drainage of surface waters over
and/or through said lots. The owners of said lots shall have no cause of action
against Sky Valley Association, Inc., its successor, assigns or licensees
either at law or in equity excepting in cases of willful negligence, by reason
of any damage caused said lots in installing, operating or maintaining above
mentioned installations.
Section 3.04. Conveyance of Property. The owner(s) agree that they will not sell, assign or
convey lot(s) they own without first having given notice to Sky Valley
Association, Inc. of their intent to sell any such lot and also shall give
notice to any prospective purchaser, in accordance with the Maryland Homeowner
Association Act, which appears in Title 11B of the Real Property Article of the
Maryland Annotated Code, that any such prospective purchaser, upon acquiring a
lot in Sky Valley, shall become a member of Sky Valley Association, Inc. and be
subject to all of its rules, regulations and responsibilities. Any deed
conveying title to any lot in Sky Valley shall reflect that the property is
conveyed subject to the rights and obligations of membership in Sky Valley
Association, Inc., including the provisions of these By-Laws and all other
rules and regulations of the Association.
Section 3.05. Lien in Favor of the
Association. Non-payment of Assessments
- Statement of Condominium Lien. Any dues, charges and assessment levied
pursuant to these By-Laws, and any installment thereof, which is not paid on
the date when due shall be delinquent and shall entitle the Association to
claim the amount of the dues, charges and assessment, together with interest
thereon, late charges and the actual costs of collection and reasonable
attorney’s fees, as a lien in accordance with the Maryland Contract Lien Act,
Section 14-201, Real Property Article, Annotated Code of Maryland (1981 Repl.
Vol.) et seq. The personal obligation of the member to pay the assessment
shall, however, remain his personal obligation for the statutory period and a
suit to recover a money judgment for non-payment of any dues, charges or
assessments or any installment thereof, may be maintained without foreclosing
or waiving the lien established pursuant to the Maryland Contract Lien Act. No
sale or transfer shall relieve a member from liability for any such dues,
charges and assessments which became due prior to such sale or transfer or from
the lien of any subsequent dues, charges and assessments; provided, however,
that a sale or transfer of a member’s property pursuant to the foreclosure or
any proceeding in lieu thereof of a recorded first mortgage or deed of trust
shall extinguish the lien as to payments which became due prior to such sale or
transfer.
Article IV
Meetings of Members
Section 4.01. Place of Meetings. Any meeting of the members of the Association may be
held at any place within Garrett Co., Maryland. The place at which a particular
meeting of the members is to be held shall be stated in the notice of that
meeting.
Section 4.02. Semi-Annual Meetings. The fall semi-annual meeting of the members of the
Association shall be held on the Saturday immediately preceding Labor Day in
September of each year. The purpose of this meeting will be to elect the
Directors in accordance with these By-Laws whose terms have expired and to
handle such other business as may properly come before the meeting. The spring
semi-annual meeting of the members of the Association shall be held on the
Saturday immediately preceding Memorial Day of each year. The purpose of this
meeting will be to review the rules and regulations and to discuss matters of
interest to the Association with respect to the forth-coming summer season and
to transact such other business as may properly come before the meeting.
Failure to hold the semi-annual meetings on the designated dates shall not work
any forfeiture or dissolution of the Association.
Section 4.03. Special Meetings. A special meeting of the members of the Association may
be called by the President, by a majority of the Board of Directors, or by a
written petition signed by a member who has, or members who have, the right
(under the Articles of Incorporation and the By-Laws) to cast one-fourth (1/4)
of the votes on any question upon which the vote of the membership of the
Association shall be required or desirable.
Section 4.04. Notice of Meetings. A written or printed notice stating the place, day and
hour of the meeting and, in the case of a special meeting (or when required by
any provision of the Act or the Articles of Incorporation, or by any other
provision of the By-Laws), the purpose for which such meeting shall have been
called, shall be delivered or mailed by the Secretary to each member (or group
of members constituting a tenancy by the entireties, a joint tenancy, or a
tenancy in common) owning a numbered lot in Sky Valley at least twenty (20)
days before the date of the meeting. Unless the Secretary shall have been
otherwise notified in writing, adequate notice of a meeting shall be deemed to
have been given to any member if said notice is mailed to the address of the
member appearing in the official Sky Valley Directory maintained by the
secretary or supplied by such member of the Association for the purpose of
notice. It is the responsibility of the owner to notify the Association of any
change of mailing address or ownership of property. Notice of any meeting of
members may be waived in writing filed with the Secretary of the Association
before the time of the meeting, at the time of the meeting, or after the time
of the meeting, or by attendance in person.
Section 4.05. Voting at Meetings.
Clause 4.051. Voting Rights. The voting rights of the members of the Association
shall be as follows:
Clause 4.052. Method of Voting. A vote attributable to a numbered lot in Sky Valley
shall be cast as follows:
(a) If the lot is owned by one
person, the vote shall be cast by that one person.
(b) If the lot is owned by more than one person,
either as tenants in common, as joint tenants, or as tenants by the entireties,
the vote attributable thereto shall be deemed properly cast if cast by one of
the tenants in the absence of any objection, or contrary vote, by any other of
them.
(c) If a lot is owned by more than one person,
either as tenants in common, as joint tenants, or as tenants by the entireties,
and if two or more of them desire that the vote attributable to that lot be
cast in different way, or one of them desire that it not be cast, then the vote
attributable thereto shall be deemed properly cast if cast by not less than a
majority in number of the tenants.
Clause 4.053. Proxies. Any person who is entitled to vote (as the sole owner of
a numbered lot in Sky Valley or as one of a group of tenants by the entireties,
joint tenants, or tenants in common owning such a lot) at any meeting of the
members of the Association may vote in person or by proxy executed in writing
or by a duly authorized attorney in fact. No proxy shall be valid after eleven
(11) months from the date of its execution unless a longer time is expressly
provided for upon the face of the proxy instrument. As used in these By-Laws,
the term “proxy” shall be deemed to include ballots published in the newsletter
of the Association or otherwise distributed to all members of the Association,
which are executed in writing by a member or duly authorized attorney in fact
for a member.
Clause 4.054. Quorum. A quorum shall be deemed to be present at any
semi-annual or special meeting of the membership of the Association if at such
meeting, at least one fourth (1/4) of the total votes capable of being cast in
accordance with Clause 4.052 are present in person or by proxy unless otherwise
specified as in Articles IX and X.
Clause 4.055. Election tellers. If a vote is needed at any meeting of the members of the
Association, the President shall appoint at least two election tellers to count
votes for that meeting. Election tellers shall be members in good standing of
the Association. No person who is a candidate for the Board of Directors may be
an election teller. The tellers shall have the time needed and shall exercise
diligence to assure a fair and accurate count of the votes cast.
Article V
The Board of Directors
Section 5.011. Qualification and Election. The affairs of the Association shall be managed by a
Board of seven (7) Directors. The Board of Directors of Sky Valley Association,
Inc. shall be members in good standing of the Association. The first Board of
Directors shall be elected as follows: three Directors for a term of one year,
four Directors for a term of two years. The terms of the elected Directors will
commence on March 1 of the subsequent year following the fall semi-annual
meeting. Thereafter the Board of Directors shall be elected at the fall
semi-annual meeting of the Association in a sequence as follows: three
Directors for the first year, four Directors the second year, three Directors
the third year, and then a rotating four Director, three Director basis
henceforth.
Section 5.012. Interim Board. An Interim Board of seven (7) Directors shall be elected
at the May 1979 meeting of the membership. Their term shall expire on March 1,
1980, when the elected Directors shall take office as described in Section
5.011.
Section 5.02. Vacancies. Any vacancy that shall occur in the Board of Directors
by death, resignation, or otherwise shall be filled by a majority vote of the
remaining Directors. In filling vacancies, the Board shall select from among
candidates not elected to the Board but who received votes at the last election
for Directors, in descending order based on number of votes received, then, if
unable to fill any such vacancy, shall select from among the remainder of the
Association membership. In appointing Directors to fill vacancies, the Board
may appoint Directors to serve (a) the remainder of the term if fewer than two
fall semi-annual meetings would normally be held during the period covered by
the temporary appointment or (b) until the next fall semi-annual meeting, if
the remainder of the term would normally include two semi-annual meetings.
At the fall semi-annual meeting, the Association
will elect Directors, casting votes for as many Directors whose terms are due
to expire plus for each vacancy that was filled by temporary appointment under
item (b) above. Directors will be chosen in order of the number of votes each
receives; that is, candidates with the greater numbers of votes will fill the
positions of those Directors whose terms are due to expire. When all such
regular 2-year terms are filled, the person(s) with the next highest number of
votes will serve the unexpired portion of any term that was filled by temporary
appointment under item (b) above. If two or more candidates receive equal
votes, the tie will be broken, if necessary, by cutting a deck of playing cards
(from which jokers have been removed) under the supervision of the election
tellers who counted the votes. In determining the order of finish, aces will be
the highest cards, then kings, queens, and so on; among suits the order
(highest to lowest) will be spades, hearts, diamonds, and clubs.
Section 5.03. Annual Meeting. The Board of Directors shall hold an annual meeting,
after the fall semi-annual meeting of the members of the Association but before
December 1, for the purpose of organization, election of officers for the term
beginning March 1, and the consideration of any other business that properly
may be brought before the meeting. Current Directors and Directors-elect (whose
terms are to begin March 1) may vote in the election of officers. The failure
to hold any annual meeting by the designated time shall not work any forfeiture
of the Charter, or dissolution of the Association.
Section 5.04. Special Meeting. Special meetings of the Board of Directors may be called
at any time by the President and shall be called on the written request of any
two Directors. The Board of Directors of the Association shall meet at least,
but not limited to, once each quarter.
Section 5.05. Notice of Meeting and
Attendance Requirements.
Clause 5.051. Notice of
Meeting. A written or printed notice
stating the place, day and hour of the annual or a special meeting shall be
delivered or mailed by the Secretary to each Director at least ten (10) days
before the date of the meeting. Notice of any meeting of Directors may be
waived by any Director in writing filed with the Secretary before the time of
the meeting, at the time of the meeting, or after the time of the meeting, or
by attendance in person.
Clause 5.052. Attendance Requirements. Any member of the Board who is absent from three (3)
consecutively scheduled meetings of the Board of Directors without prior approval
of the President shall deem to have resigned from his or her position on the
Board. Scheduled meetings for this purpose shall mean meetings for which at
least ten (10) days advance notice had been given. It shall be within the
discretion of the Board to waive such resignation for good cause such as
illness, emergency situations, or other extenuating circumstances. The
individual Board member shall be notified in writing by the President whether
or not a waiver of resignation has been granted. If a waiver has not been
granted a successor shall be appointed by the Board in accordance with these
By-Laws.
Section 5.06. Place. All meetings of the Board of Directors of the
Association shall be held at such place as may be specified in the respective
notices, or waivers of notice thereof.
Section 5.07. Quorum. A majority of the whole Board of Directors shall be
necessary to constitute a quorum thereof, except for the filling of vacancies,
which shall require a majority of the existing Directors for a quorum. The act
of a majority of the Directors present at a meeting at which a quorum is
present shall be the act of the Board of Directors, except that matters
relating to the annual budget and the fixing of the annual dues shall require a
majority vote of the Board of Directors.
Section 5.08. Power and Duties of Directors.
Clause 5.081. Powers. The powers of the Board of Directors shall include (but
not be limited to) --
(a) The power to adopt and
publish rules and regulations governing the use of those parts of Sky Valley
that are or will be owned by, or are otherwise under the control of, the
Association.
(b) The power to exercise for the Association
all the duties and responsibilities of the Association whose exercise is not
reserved or committed to the membership of the Association by the By-Laws or
the Articles of Incorporation.
(c) The power to levy assessments on individual
members of the Association equivalent to actual damages sustained by the
Association or any member thereof by reason of the activity of any such other
member, any members of his or her family, any guests, tenant or other visitors
to such member who visit the member with his consent and permission.
(d) The power to assess fines upon individual
members of the Association for violating the rules and regulations of the
Association (for instance with regard to misuse of common grounds, speeding,
etc.). A member shall be subject to a fine of $50.00 for the first violation in
a given fiscal year, $100.00 for the second violation in said year and the
Board shall be authorized to impose a fine of $250.00 and to suspend the
privileges of membership for the third violation in a given year. A member
shall be entitled to appeal from the imposition of any such fine to a special
committee established by the Board of Directors and shall have the right to
present reasons for the appeal in person or in writing to such committee. The
committee, after considering the appeal of the member and any information the
member chooses to present, shall make a recommendation to the Board to sustain
the fine imposed, reduce the amount of the fine or eliminate the fine entirely.
The Board may accept or reject the committee’s recommendation. The decision of
the Board shall be final.
Clause 5.082. Duties. The duties of the Board of Directors shall include (but
not be limited to):
(a) The duty to fix, at least
thirty (30) days prior to the first day of the fiscal year, the amount of
annual charges, consistent with the annual budget, that are to be made against
each member of the Association pursuant to the provisions for such charge that
are contained in the Articles of Incorporation.
(b) The duty to determine lot status. For
purposes of this Section, a lot shall be considered improved as soon as ground
is broken.
Section 5.09. Adoption of Rules and
Regulations. The Board of Directors
shall adopt rules and regulations relating to the use and enjoyment of the
streets, parks, pedestrians easements, and any other recreational facilities
within Sky Valley that are owned by the Association, which rules shall include,
but not be limited to, a schedule of fines for violations of speed limits
established for Sky Valley.
Section 5.10. Committees. The Board of Directors may create such temporary and
standing committees as it shall deem necessary and shall assign to each
committee so created such duties as the Board of Directors shall consider
proper for assignment to such committee. The Board of Directors shall choose
committee members from the membership of the Association, and each such
committee member shall serve at the pleasure of the Board of Directors.
Section 5.11. Additional Authority. The Board of Directors shall have the authority to hire,
appoint and remove any employees of the Association and to enter into contracts
for services and supplies for the Association. The Board shall be responsible
to determine the terms and conditions (including wages) of employment of
Association employees.
Section 5.12. Budget Approval. The Board of Directors shall have the authority to
establish the operating budget annually for the Association. A proposed
operating budget shall be prepared by the Treasurer of the Association and
presented to the Board for its review. The Board, thereafter, shall present the
proposed operating budget, with any amendments approved by the Board, to the
membership prior to the fall semi-annual meeting so that the membership has an
opportunity to comment upon the proposed operating budget. Following the fall
semi-annual meeting, at the next regularly scheduled meeting of the Board, the
Board of Directors shall establish the annual operating budget for the
succeeding fiscal year. The decision to approve, alter, change, or reject the
operating budget shall rest solely with the Board.
Section 5.13. Capital Budget. In addition to the operating budget established in
accordance with provision Section 5.12 above, the Board, each year, shall
prepare a proposed capital budget. The term “capital” shall be deemed to refer
to any expenditures for real property, equipment costing more than $5,000.00,
repairs and improvements to real property such as the lodge or the like. The
proposed capital budget shall be prepared by the Board and be presented to the
membership prior to the fall semi-annual meeting so that the membership has an
opportunity to comment upon the proposed capital budget. Following the fall
semi-annual meeting, the Board of Directors shall establish the annual capital
budget for the succeeding fiscal year. The Board shall not be authorized,
however, to expend more than $50,000 for any capital expense in a given fiscal
year without obtaining the approval, by vote, of a majority of a quorum of the
members present in person or by proxy at a duly constituted membership meeting.
Section 5.14. Limitations of Indebtedness. The Board of Directors shall administer the finances of
the Association. If needed to conduct the business of the Association, the
Board shall be authorized to borrow money for the general operation and
business of the Association.
5.14a Equipment Purchases. The Board of
Directors shall have authority to replace existing equipment when necessary for
operations and maintenance of Sky Valley.
5.14b Purchase of Other Items. If needed to
conduct the business of the Association, The Board shall be authorized to
borrow money for the general operation and business of the Association;
provided, however, that money borrowed during any single fiscal year shall not
exceed $50,000.00, without authorization by vote of a majority of a quorum of
the members present in person or by proxy at a duly constituted membership
meeting. Existing indebtedness incurred
during previous fiscal years, but not yet repaid, shall be included as borrowed
money for purposes of determining the amount of indebtedness which may be incurred
in a fiscal year, without seeking membership approval.
Section 5.15. Emergency Reserve Fund. The Board of Directors shall have the authority to
establish and maintain a reserve fund which would be available to address any
unexpected or emergency expenses of the Association. Monies for the emergency
reserve fund may be obtained from a) donations by members of the Association;
b) monies collected as dues (including interest thereon) in excess of sums
needed to satisfy operating and capital budgeted expenses for the year; c)
income earned from Association property; and/or, if needed, d) special
assessments. The emergency reserve fund shall be maintained in an interest
bearing insured account.
Section 5.16. Collection of Delinquent
Accounts. The Board of Directors shall
have the authority to initiate legal action against any member, if required, to
collect dues or assessments which any member has failed timely to pay. The
Board of Directors shall follow the following procedure before initiating legal
action against any member:
(a) The Board shall specify the
date upon which any dues payment or assessment is due to be paid;
(b) If a member fails to pay any dues or
assessments on or before that date, the member shall be sent a delinquency
notice;
(c) If the member, following the sending of such
notice, does not make payment of any delinquent dues or assessment, he or she
shall be sent a second notice which will advise said member that unless payment
of the delinquent dues, assessments and any penalties is made within fifteen
(15) days of the date of receipt of the second notice, the Board shall suspend
the member’s privileges of membership and also initiate legal proceedings to
collect sums due. The Association shall be entitled to recover from a member against
whom legal proceedings are initiated, the costs incurred, including reasonable
attorneys’ fees, to collect the amounts due;
(d) A late charge of one percent (1%) per month
shall be assessed upon any member for each month that payment is not made, beginning
with the thirtieth day following the due date; and
(e) The Association also shall be entitled to a
lien with regard to any delinquency, in accordance with the provisions of
Section 3.05 of these By-Laws.
Section 5.17.
Audits. The
Board of Directors shall obtain an independent auditor to perform an annual
review of Sky Valley’s financial operations for the prior fiscal year. The audit performed is to assure Association
finances meet all criteria for use, accounting, and distribution pursuant to Sky
Valley By-Laws. The auditor shall submit
its report to the Board of Directors at it’s meeting preceding the Fall
Semi-annual General Membership Meeting.
The Treasurer shall present the findings at the Fall Semi-annual General
Membership Meeting and provide copies of the auditors report upon request by a
member.
Article VI
The Officers of the Association
Section 6.01. Number. The officers of the Association shall be a President, a Secretary
and a Treasurer, and, in addition, the Directors may choose not more than two
Vice Presidents. Any person may hold two (2) offices at the same time except
the offices of President and Secretary. All officers shall be Directors and
members in good standing of the Association.
Section 6.02. Election and Term of Office. The officers shall be chosen annually by the Board of
Directors at the annual meeting of the Board of Directors. Each officer shall
hold his office until his successor shall have been chosen and qualified, or
until his death, resignation, or removal.
Section 6.03. Removal. Any officer may be removed, with or without cause, at
any time, by a majority vote of the Board of Directors, at a special meeting of
the Board of Directors called for the purpose of considering the removal.
Section 6.04. Vacancies. Any vacancy in any office because of death, resignation,
or removal, or otherwise caused, shall be filled for the unexpired portion of
the term by a Director chosen by the Board of Directors.
Section 6.05. The President. The President, who shall be chosen from the Directors,
shall have active executive management of the operations of the Association,
subject, however, to the control of the Board of Directors. He shall, in
general, perform all duties incident to the office of President and such other
duties as, from time to time, may be assigned to him by the Board of Directors.
Section 6.06. A Vice President. A Vice President shall have such powers and perform such
duties as the Board of Directors may prescribe or as the President may delegate
to him. In the case of absence or inability of the President to act, a Vice
President shall temporarily act in his place.
Section 6.07. The Secretary. The Secretary shall keep or cause to be kept, in books
that shall be provided for the purpose and shall remain in the Secretary's
custody, the minutes of the meetings of the members of the Association and of
the Board of Directors; shall at all times keep at the principal office of the
Association a complete and accurate list of the names and addresses of all
members of the Association; shall attend to the giving of all notices in
accordance with the provisions of these By-Laws and as required by law; shall
be the custodian of the records (except the financial records) of the
Association and of any die or other instrument usable in affixing the seal of
the Association to paper; shall affix the seal of the Association (by means of
a die or by hand) to every document whose execution on behalf of the Association
under its seal shall have been properly authorized; and shall, in general,
perform all duties incident to the office of Secretary and such other duties
as, from time to time, may be assigned to him by the Board of Directors or the
President.
Section 6.08. The Treasurer. The Treasurer shall be the financial officer of the
Association; shall keep, or cause to be kept, in books that shall be provided
for the purpose and shall be kept at the principal office of the Association,
complete books and records showing the financial condition of the Association
and shall keep a separate financial account of each member of the Association;
shall have charge and custody of, and be responsible for, all funds of the
Association and shall deposit all such funds in the name of the Association in
such banks, trust companies, or other depositories as shall be selected by the
Board of Directors; shall receive, and give receipts for, moneys due and
payable to the Association from any source; shall disburse the funds of the
Association in accordance with the instructions of the Board of Directors of
the Association; shall render to the President, on request, an account of all
his transactions as Treasurer and of the financial conditiion of the
Association; shall provide the membership in writing a fiscal statement
semi-annually; and shall, in general, perform all the duties incident to the
office of Treasurer and such other duties as, from time to time, may be
assigned to him by the Board of Directors or the President.
Article VII
Corporate Books and Records
Section 7.01. Place of Keeping in General. Except as otherwise provided by the laws of the State of
Maryland or these By-Laws, the books and records of the Association may be kept
at the principal office of the Association and all of such books and records
shall be open for inspection by any member of the Association for proper
purposes at any reasonable time.
Article VIII
Execution of Checks and Contracts
Section 8.01. Execution of Checks. Every check for the payment of money of the Association,
and every promissory note of the Association shall, unless otherwise ordered by
the Board of Directors or required by law, be signed by the Treasurer of the
Association.
Section 8.02. Execution of Contracts. Every contract (in addition to those mentioned above in
these By-Laws) to which the Association shall be a party, shall be executed in
its name by its President or Vice President and attested by the Secretary. The
Secretary shall, when doing so shall be appropriate, affix the seal of the
Association to such contract.
Article IX
Maintenance and Disposition of Association Real Estate
Section 9.01. Maintenance of Association Real
Estate. The Board of Directors is
authorized to maintain the green area and roads consistent with their original
intended use. Discretionary authority is so limited that they may not make
significant changes in either the character of the green area or alignment of
existing roads without specific approval of the Association membership as
defined in Section 9.03.
Section 9.02. Disposition of Association Real
Estate. The Board of Directors are not
authorized to dispose or otherwise incumber any real estate without specific
consent of the Association membership. Specific consent is defined as a vote of
not less than three-fourths (3/4) of the entire membership as described in
Section 9.03.
Section 9.03. Amendments to Article IX. The power to add to, alter, amend, or repeal (wholly or
in part) Article IX of these By-Laws shall be vested in the members of the
Association, which shall approve such amendments by a vote of not less than
three-fourths (3/4) of the entire membership, either in person or by proxy, at
any semi-annual meeting and notice of any proposed change in the By-Laws must
be furnished with notice of the semi-annual meeting and conform to the
requirements of the notice for semi-annual meetings.
Article X
Amendments
Section 10.01. In General. The power to add to, alter, amend, or repeal (wholly or
in part) these By-Laws except Article IX shall be vested in the members of the
Association, which shall approve such amendments by a vote of not less than
two-thirds (2/3) of those present, either in person or by proxy, at any
semi-annual meeting of the Association. By-Laws may not be amended except at
semi-annual meetings and notice of any proposed change in the By-Laws must be
furnished with notice of the semi-annual meeting and conform to the
requirements of the notice for semi-annual meetings.