Corolla Light By Laws and Covenants - Outer Banks real estate

I, the undersigned, natural person of the age of eighteen years or more, do hereby make and 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", and the several amendments thereto, and to that end do hereby set forth:I.NAMEThe name of the corporation is Corolla Light 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 and management of the planned unit subdivision development known as Corolla Light PUD located in theVillage of Corolla, Poplar Branch Township, Currituck County, North Carolina, and to that end shall have power and authority;(i) To undertake the performance of, and carry out the acts and duties incident to the administration of the operationand management of Corolla Light Community Association, Inc. in accordance with the terms, provisions, conditions andauthorization contained in these articles and in the Declaration of Covenants, Conditions and Restrictions which shall be recorded inthe Public Records of Currituck County, North Carolina, at such time as the real property and the improvements thereon are submittedto said Declaration;(ii) To make, establish and enforce reasonable rules and regulations governing the use of subdivision development,common elements, land, other real and personal property which may be owned by the Association itself;(iii) To make, levy and collect assessments against lot owners; to provide the funds to pay for common expensesof the Association as provided in the Declaration of Covenants, Conditions, and Restrictions and to use and expend the proceeds ofassessments in the exercise of the powers and duties of the Association; said assessments being used to promote the recreation,acquisition, improvement and maintenance of properties, services and facilities devoted to this purpose and related to the use andenjoyment of the common areas, including but not limited to the cost of repair, replacement and additions thereto, the cost of labor,equipment, materials, management, supervision thereof, the maintenance of insurance in accordance with the By-Laws, including theemployment of attorneys to represent the association when necessary for such other needs as may arise.(iv)To maintain, repair, replace and operate the properties for which the Association is responsible.(v) To enforce by any legal means, the provisions of the Declaration of Covenants, Conditions and Restrictions,the By-Laws of the Association, and the rules and regulations for the use of the Association property.(vi) To contract for the management of the recreational property and to delegate to such manager or managers allpowers and duties of the Association except those powers and 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 and statutory powers of a non-profit corporation and also thosepowers as set out in the Declaration of Covenants, Conditions and Restrictions of Corolla Light PUD and all powers reasonablynecessary to implement the purposes of the Association.IV.MEMBERSHIPA. The membership of Corolla Light Community Association, Inc. shall consist of the owners of lots in Corolla Light PUDand Corolla Light Venture, the Developer and the owners of any other lands which may be added thereto by the Declarant.Membership shall be established by acquisition of fee title to a lot in Corolla Light 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, and 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 and assets of the corporation, and membership in the corporation cannot beassigned, hypothecated or transferred in any manner except as an appurtenance to a Corolla Light PUD.C. There are five classes of membership in Corolla Light Community Association, Inc., the classes of membership and 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 lands for which the County ofCurrituck has granted preliminary plat approval to construct family dwelling units and on-site work has commenced. As of the date