NORTH LAKE LAND OWNERS ASSOCIATION
1. Enforcement of the use restrictions contained in the HUD report and/or deviations from those restrictions approved by the Restrictions Committee functioning in accordance with the bylaws and approved by the Board of Directors.
2. Extension and improvement of the water supply function in the subdivision in coordination with the Chisholm Trail Special Utility District.
3. Act as a body in contacting the County Commissioners of Williamson County and other government agencies relative to taxes, restrictions, security, roads, etc.
ARTICLE III Membership
Anyone is eligible to become an active member of the Association with full voting and other privileges provided he/she owns a lot in the North Lake Subdivision (or is purchasing a lot under contract of sale) and is otherwise qualified under such rules as the Membership Committee may provide.
ARTICLE IV Directors and Officers
1. The business and affairs of the Association shall be managed by a board of seven (7) directors, subject to the direction and control of the membership.
2. The Board of Directors shall meet at least once a month at a time and place and hour set by the board.
3. An initial Board of Directors consisting of six (6) North Lake land owners shall be formed for the purpose of directing the formation of the Association. The names of those initial directors are:
Harry Tower Isom Shoemaker
Edgar Powell Larry Glave
Niles Winter Walter Stuck
4. The initial directors shall serve until the first annual membership meeting. At that time all Directors shall be elected or appointed. At each subsequent annual meeting, directors will be elected or appointed in accordance with the provisions of the Bylaws. (If North Lake so desires, they may appoint one of the seven (7) directors.)
5. Special meetings of the Board of Directors may be called at any time by the President, Vice-President or any three (3) Directors.
6. A majority of the number of directors shall constitute a quorum. Actions taken by a majority of directors at any meeting will be binding on all directors.
7. The officers of the Association shall be a President, Vice-President, Secretary and Treasurer and such other officers as the Board of Directors may create. All officers shall be member of the Board of Directors. Election of officers shall take place at the first meeting of the Board of Directors following the annual membership meeting.
ARTICLE V Meetings
1. There shall be an annual general membership meeting each year in the month of January. The date, time and place of this meeting will be determined by the Board of Directors. Notice of this meeting and any subsequent membership meetings will be mailed by the Secretary of the Association to the last recorded address of each member at least ten (10) days prior to the time of the meeting.
2. One-tenth (1/10) of the active members of the Association when present at any meeting shall constitute a quorum. Proxies shall be permitted for the purpose of satisfying quorum requirements.
3. At the annual membership meetings directors will be elected, financial status will be reported, significant accomplishments will be reported on and major projects will be discussed. Also any other business that may come before the meeting will be dispensed with.
4. Special meetings of the membership shall be held in accordance with the provisions of the bylaws.
ARTICLE IV Dues and Assessments:
1. Association members shall pay an annual dues of ten (10) dollars.
2. Changes in the amount of the annual membership dues or any special assessment shall be approved by a two-thirds (2/3) affirmative vote at the annual membership meeting or at a meeting called specifically for that purpose.
ARTICLE VII Committees:
Committees necessary to carry out the business of the Association shall be formed by the Board of Directors in accordance with the bylaws.
ARTICLE VIII Amendments:
The article of the charter may be amended or repealed in whole or part by a majority vote at any duly authorized meeting of the Association.
ARTICLLE IX Bylaws:
Bylaws will be hereafter adopted. Such bylaws may be amended or repealed in the manner provided therein. The bylaws and the amendments to those bylaws shall be binding on all members including those who may have voted against them.