Corolla Light By Laws and Covenants - Outer Banks real estate
Corolla Light By Laws and Covenants - Outer Banks real estate
Corolla Light By Laws and Covenants - Outer Banks real estate
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I, the undersigned, natural person of the age of eighteen years or more, do hereby make <strong>and</strong> acknowledge these Articles ofIncorporation for the laws of the State of North Carolina, as contained in Chapter 55A of the General Statutes of North Carolina,entitled "Non-Profit Corporation Act", <strong>and</strong> the several amendments thereto, <strong>and</strong> to that end do hereby set forth:I.NAMEThe name of the corporation is <strong>Corolla</strong> <strong>Light</strong> Community Association, Inc.II.DURATIONThe period of duration of the corporation shall be perpetual.The purposes for which this corporation is organized are:III.PURPOSES AND POWERS(a) The operation <strong>and</strong> management of the planned unit subdivision development known as <strong>Corolla</strong> <strong>Light</strong> PUD located in theVillage of <strong>Corolla</strong>, Poplar Branch Township, Currituck County, North Carolina, <strong>and</strong> to that end shall have power <strong>and</strong> authority;(i) To undertake the performance of, <strong>and</strong> carry out the acts <strong>and</strong> duties incident to the administration of the operation<strong>and</strong> management of <strong>Corolla</strong> <strong>Light</strong> Community Association, Inc. in accordance with the terms, provisions, conditions <strong>and</strong>authorization contained in these articles <strong>and</strong> in the Declaration of <strong>Covenants</strong>, Conditions <strong>and</strong> Restrictions which shall be recorded inthe Public Records of Currituck County, North Carolina, at such time as the <strong>real</strong> property <strong>and</strong> the improvements thereon are submittedto said Declaration;(ii) To make, establish <strong>and</strong> enforce reasonable rules <strong>and</strong> regulations governing the use of subdivision development,common elements, l<strong>and</strong>, other <strong>real</strong> <strong>and</strong> personal property which may be owned by the Association itself;(iii) To make, levy <strong>and</strong> collect assessments against lot owners; to provide the funds to pay for common expensesof the Association as provided in the Declaration of <strong>Covenants</strong>, Conditions, <strong>and</strong> Restrictions <strong>and</strong> to use <strong>and</strong> expend the proceeds ofassessments in the exercise of the powers <strong>and</strong> duties of the Association; said assessments being used to promote the recreation,acquisition, improvement <strong>and</strong> maintenance of properties, services <strong>and</strong> facilities devoted to this purpose <strong>and</strong> related to the use <strong>and</strong>enjoyment of the common areas, including but not limited to the cost of repair, replacement <strong>and</strong> additions thereto, the cost of labor,equipment, materials, management, supervision thereof, the maintenance of insurance in accordance with the <strong>By</strong>-<strong>Laws</strong>, including theemployment of attorneys to represent the association when necessary for such other needs as may arise.(iv)To maintain, repair, replace <strong>and</strong> operate the properties for which the Association is responsible.(v) To enforce by any legal means, the provisions of the Declaration of <strong>Covenants</strong>, Conditions <strong>and</strong> Restrictions,the <strong>By</strong>-<strong>Laws</strong> of the Association, <strong>and</strong> the rules <strong>and</strong> regulations for the use of the Association property.(vi) To contract for the management of the recreational property <strong>and</strong> to delegate to such manager or managers allpowers <strong>and</strong> duties of the Association except those powers <strong>and</strong> duties which are specifically required to have approval of the Board ofDirectors or the membership of the Association.(b) The Association shall have all of the common law <strong>and</strong> statutory powers of a non-profit corporation <strong>and</strong> also thosepowers as set out in the Declaration of <strong>Covenants</strong>, Conditions <strong>and</strong> Restrictions of <strong>Corolla</strong> <strong>Light</strong> PUD <strong>and</strong> all powers reasonablynecessary to implement the purposes of the Association.IV.MEMBERSHIPA. The membership of <strong>Corolla</strong> <strong>Light</strong> Community Association, Inc. shall consist of the owners of lots in <strong>Corolla</strong> <strong>Light</strong> PUD<strong>and</strong> <strong>Corolla</strong> <strong>Light</strong> Venture, the Developer <strong>and</strong> the owners of any other l<strong>and</strong>s which may be added thereto by the Declarant.Membership shall be established by acquisition of fee title to a lot in <strong>Corolla</strong> <strong>Light</strong> PUD whether by conveyance, devise, or judicialdecree. a new owner designated in such deed or other instrument shall thereupon become a member of the Association, <strong>and</strong> themembership of the prior owner as to a lot designated shall be terminated. Each new owner shall deliver to the Association a true copyof such deed or instrument of acquisition of title.B. The share of a member in the funds <strong>and</strong> assets of the corporation, <strong>and</strong> membership in the corporation cannot beassigned, hypothecated or transferred in any manner except as an appurtenance to a <strong>Corolla</strong> <strong>Light</strong> PUD.C. There are five classes of membership in <strong>Corolla</strong> <strong>Light</strong> Community Association, Inc., the classes of membership <strong>and</strong> therespective voting rights of each class of membership shall be as follows:TYPE A: Type A Members shall be all Owners (including the Company) of unimproved Residential Lots. An Owner of aResidential Lot upon which a Family Dwelling Unit has not been constructed shall be entitled to one vote for each Family DwellingUnit which he owns.TYPE B: Type B Members shall be all Owners (including the Company) of Family Dwelling Units. An Owner of aFamily Dwelling Unit shall be entitled to one vote for each Family Dwelling Unit which he owns.TYPE C: Type C Members shall be all those Owners (including the Company) of unplatted l<strong>and</strong>s for which the County ofCurrituck has granted preliminary plat approval to construct family dwelling units <strong>and</strong> on-site work has commenced. As of the date