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Estates of Judith's Fancy Owners' Association, Inc.
No. 1 Estates of Judith's Fancy
Christiansted, St. Croix
United States Virgin Islands 00820
BY-LAWS
as revised February
25th, 1998
ARTICLE I - NAME AND
AUTHORITY
SECTION
1. Name.
The name of this
corporation shall be ESTATES OF JUDITH'S FANCY OWNERS' ASSOCIATION,
INC.
SECTION
2. Authority.
These By-laws have been adopted pursuant to authority evidenced by the
Articles of Incorporation of the Estates of Judith's Fancy Owners'
Association, Inc. a non-profit corporation under the provisions of Title
13, Chapter 3 of the General Corporation Law of the Government of the
United States Virgin Islands.
ARTICLE II - DEFINITIONS
SECTION
1. Association
shall mean the Estates of
Judith's Fancy Owners' Association, Inc.
SECTION
2. Subdivision
shall mean and refer to
that certain property described in the Articles of Incorporation of the
Association and such additions thereto as may hereafter be brought
within the jurisdiction of the Association.
SECTION
3. Common Area
shall mean all property
title to which is held by the Association for the common use and
enjoyment of the members of the Association.
SECTION
4. Plot
shall mean any plot of land shown upon any recorded map of the
Subdivision with the exception of the Common Area.
SECTION
5. Member
shall refer to every person
who holds a membership in the Association.
SECTION
6. Articles of Incorporation
shall refer to the Articles
of Incorporation of the Estates of Judith's Fancy Owners' Association,
Inc., as amended and in effect from time to time.
SECTION
7. Declaration
shall refer to the
Declaration Establishing Restrictive Covenants on Unit No. 1 Estate
Judith's Fancy, St. croix, Virgin Islands, recorded in the Office of the
Recorder of Deeds, St. Croix, U.S. Virgin Islands, as amended and in
effect from time to time.
ARTICLE III - MEMBERS
SECTION
1. Membership.
All persons and their legal
spouses who individually or jointly are the recorded owners of a fee
interest in one or more plots shall be deemed to be members of the
Association with the exception that persons or entities who hold an
interest merely as security for the performance of an obligation shall
not be deemed members. All members of the Association shall be bound by
its Articles, Covenants, By-laws and such rules and assessments as the
Association may promulgate.
SECTION
2. Termination of Membership.
Membership in the
Association shall be terminated upon the sale by the member of his or
her plot or plots in the Estates of Judith's Fancy.
ARTICLE IV - MEETINGS
SECTION
1. Annual Meeting.
The Annual Meeting of
Members shall be held on the last Wednesday of February in each year (or
if that be a legal holiday in St. Croix, on the next succeeding full
business day) at 17:30 hours, unless a different hour is fixed by the
President or the Directors and so stated in the notice of the meeting.
If no annual meeting is held in accordance with the foregoing
provisions, a special meeting shall be held as soon as is practicable in
lieu thereof and any action taken at such meeting shall have the same
effect as if taken at the annual meeting.
SECTION
2. Special Meetings.
A Special Meeting of
Members may be called by the Secretary at any time by direction of the
President or by the Board of Directors. A Special Meeting of Members
must be called by the Secretary upon written request of at least ten
(10) percent of the members entitled to vote at the meeting. In the
event of the absence, incapacity or refusal of the Secretary, the
Special Meeting of Members shall be called by any other Officer.
SECTION
3. Notice of Meetings.
A written notice of every
Annual or Special Meeting of Members, stating the place, date and hour
thereof, and the purposes for which the meeting is to be held, in
addition to those prescribed by Law, by the Articles of Incorporation,
or by the By-laws, shall be given by the Secretary or the Officer
calling the meeting to all members of record at least thirty (30) days
prior to the meeting. Such notice shall be mailed postage prepaid and
addressed to the member at the address appearing upon the books of the
Association.
SECTION
4. Place of Meetings.
All Annual and Special
Meetings of Members shall be held within St. Croix, United States Virgin
Islands, at the location fixed by the President, Secretary or other
Officer and stated in the notice of the meeting.
SECTION
5. Quorum.
At any meeting of members,
a majority of members who have residences in being or under construction
in the Subdivision, and who are entitled to vote on any matter, shall
constitute a quorum with respect to that matter.
SECTION
6. Adjournments. Any meeting of members may be
adjourned to any other time and to any other place at which a meeting of
members may be held under these By-laws by the members present or
represented at the meeting, although less than a quorum, or by any
Officer entitled to preside or to act as Secretary of such meeting, if
no member is present. Any business which could have been transacted at
any meeting of members as originally called may be transacted at any
adjournment thereof.
SECTION
7. Voting and Proxies.
Each member shall have one vote per paid-up assessed plot. Joint
ownership of a plot is to be construed as one vote, single ownership,
for voting purposes. Only those plots upon which all assessments have
been paid for the fiscal year prior to the meeting of members shall
entitle the owner or owners to a valid vote. Members may vote either in
person or by written proxy dated not more than sixty (60) days before
the meeting named therein. Proxies shall be filed with the Secretary of
the meeting, or any adjournment thereof, before being voted. Except as
otherwise limited therein, proxies shall not be valid after final
adjournment of such meeting. If any member, not in attendance at a
meeting, has not filed his or her proxy with the Secretary prior to the
meeting, that member's proxy will be deemed to be voted in accordance
with the recommendation of the Board of Directors. A proxy representing
a plot or plots held in joint ownership shall be valid if executed by
one of them, unless at or prior to exercise of the proxy the Association
receives written notice to the contrary from any one of them. A proxy
purported to be executed by or on behalf of a member shall be deemed
valid unless challenged at or prior to its exercise. A challenged vote
between joint owners shall be invalidated if not resolved prior to the
tally of that vote.
SECTION
8. Action at Meetings.
When a quorum has been
declared, a majority of the members present or represented by proxy and
voting on a matter, except where a larger vote is required by Law, the
Articles of Incorporation, or by these By-laws, shall decide any matter
to be voted on by the members. Any election by members shall be
determined by a plurality of the votes cast by the members entitled to
vote at the election. No ballot shall be required for such election
unless a majority of members present or represented at meeting and
entitled to vote in the election shall request a vote by ballot.
SECTION
9. Action Without Meeting.
Any action normally taken
at a meeting of members may be initiated by the Board of Directors and
resolved without a meeting by written ballot of the membership, in
accordance with the following provisions: (a) a statement of the purpose
of the vote, together with a ballot, shall be mailed postage prepaid and
addressed to the member at the address appearing upon the books of the
Association at least thirty (30) days prior to the tally. (b) The tally
of the ballots shall be in accordance with Article IV, Section 7 of
these By-laws. (c) Any action so taken is to be filed with the records
of the meetings of members and shall be treated for all purposes as a
vote at a meeting.
SECTION
10. Conduct of Meetings.
All meetings of the Estates
of Judith's Fancy Owners' Association, Inc., shall be conducted in
accordance with the basic principles of parliamentary law as based on
Robert's Rules for all purposes as a vote at a meeting.
ARTICLE V - DIRECTORS
SECTION
1. Powers.
The business of the
Association shall be managed by a Board of Directors who may exercise
all the powers of the Association except as otherwise provided by Law,
the Articles of Incorporation, the Declaration, or by these By-laws. In
the event of a vacancy on the Board of Directors, the remaining
Directors may exercise the powers of the full Board until the vacancy is
filled.
SECTION
2. Election.
The Board of Directors
shall consist of such number, not less than nine (9) nor more than
fifteen (15), as shall be fixed by the members. At each Annual Meeting
of the Members, or at any adjournment thereof, not less than three (3)
nor more than five (5) Directors shall be elected to serve a term of
three (3) years unless a different number to be elected results because
of any reduction or increase in the size of the Board between nine(9)
and fifteen(15). No Director, with the exception of the Secretary
and/or the Treasurer, shall be elected to serve more than two (2)
successive terms of three (3) years each without an intervening period
of three (3) years. To be eligible for election as a Director, the
individual must be a member of the Association or a resident of Judith's
Fancy.
SECTION
3. Vacancies.
Any vacancy on the Board of
Directors, other than a vacancy resulting from the enlargement or
reduction of the number of Directors, unless and until filled by a vote
of the members, may be filled by the Directors.
SECTION
4. Tenure.
Except as otherwise
provided by Law, the Articles of Incorporation, or by these By-laws,
Directors shall hold office until the next Annual Meeting of Members
following the term for which they were elected and thereafter until
their successors are chosen and qualified. Any Director may resign by
delivering his or her written resignation to the President or
Secretary. Such resignation shall be effective upon receipt unless is
specified to be effective at some other time or upon the happening of
some other event. A Director shall be terminated if the individual
ceases to be either a member of the Association or a resident of
Judith's Fancy.
SECTION
5. Removal.
A director may be removed
from office with or without cause by a majority vote of the members
entitled to vote in the election of Directors, or by a vote of
two-thirds (2/3) of the Directors then in office. A Director may be
removed only after reasonable notice and opportunity to be heard before
the body proposing to remove him or her.
SECTION
6. Meetings.
Regular Meetings, normally
monthly, of the Directors may be held without call or notice at such
places within St. Croix, and at such times as the Directors may from
time to time determine, provided that any Director who is absent when
such determination is made shall be given notice of the determination.
A notice of the Regular Directors' Meeting need not specify the purpose
of the meeting.
Special
Directors' Meetings may be held at any time and place, within St. Croix,
designated in a call by the President or two or more Directors. Notice
of all special meetings of the Directors shall be given to each Director
by the Secretary or, in the case of the absence, incapacity or refusal
of the Secretary, by one of the Directors calling the meeting. Notice
of and the purpose of Special Directors' Meetings shall be given to each
Director at least forty-eight (48) hours in advance of the meeting.
SECTION
7. Quorum.
At any meeting of the
Directors, a majority of the Directors then in office shall constitute a
quorum. Less than a quorum may adjourn any meeting from time to time
without further notice.
SECTION
8. Action at Meeting.
At any meeting of the
Directors at which a quorum is present, the vote of a majority of those
present, unless a different vote is specified by Law, the Articles of
Incorporation, or by these By-laws, shall be sufficient to take any
action. Any prior action taken by the Directors shall not be overturned
except by a two-thirds (2/3) vote of those present.
SECTION
9. Action by Consent.
Any action by the Directors
may be taken without meeting if a written consent thereto is signed by
the majority of the Directors in office and is filed with the records of
the Directors' meetings. Such consent shall be treated as a vote of the
Directors for all purposes.
SECTION 10.
Committees. The
Directors shall elect from their number of Chairpersons for the
following Standing Committees: 1. Finance Committee. 2. Road and
Drainage Committee. 3. Landscaping and Beautification Committee. 4.
Construction Permit Committee. 5. Community Relations Committee. Each
Committee Chairperson shall appoint members for his or her committee in
any number, not less than a total of three(3) including the
Chairperson, deemed most desirable for the conduct of committee
business. Committee members may be any persons whose expertise could
contribute to the deliberations and actions of the committee. The
Finance Committee shall be chaired by the Treasurer and shall have as a
minimum membership the chairpersons of the other four(4). Standing
Committee budgets shall be determined by the Finance Committee and
approved by a majority vote of the Directors. All Standing Committees
shall submit an annual written report at the Annual Meeting of the
Members.
The Directors may elect or
the President may appoint Chairpersons for such Special Committees as
may be deemed necessary or desirable.
The President shall be an
ex-officio member of all committees.
SECTION
11. Compensation.
No Director or Officer
shall be entitled to receive any salary or compensation, but nothing
herein shall be construed to prevent a Director or Officer from
receiving reimbursement for expenses incurred on behalf of the
Association or for receiving any compensation from the Association for
duties other than as a Director or Officer.
ARTICLE VI - OFFICERS
SECTION
1. Enumeration.
The Officers of the
Association shall consist of a President, Secretary, Treasurer, and such
other Officers, including one or more Vice Presidents, an Assistant
Secretary, and an Assistant Treasurer, as the Directors may determine.
SECTION
2. Election.
The President, Secretary
and Treasurer shall be elected annually by the Directors at their first
meeting following the Annual Meeting of Members. Other Officers may be
elected by the Directors at such meeting or at any other meeting.
SECTION
3. Qualification.
All Officers shall be
Directors and residents of St. Croix. No two offices may be held by the
same person. Any Officer may be required by the Directors to give bond
for the faithful performance of his or her duties to the Association in
such amount and with such sureties as the Directors may determine. Cost
of any such bond shall be borne by the Association.
SECTION
4. Tenure.
Except as otherwise
provided by Law, by the Articles of Incorporation, or by these By-laws,
all Officers shall hold office until the first meeting of the Directors
following the Annual Meeting of Members and thereafter until his or her
successor is chosen and qualified. In the event of the incapacitation
of any Officer, he or she may be replaced by a majority vote of the
Board of Directors. Any Officer may resign by delivering his or her
written resignation to the President or Secretary, and such resignation
shall be effective upon receipt unless it is specified to be effective
at some other time or upon the happening of some other event.
SECTION
5. Removal.
The Directors may remove
any Officer with or without cause by a vote of two-thirds (2/3) of the
entire number of Directors then in office, provided that an Officer may
be removed only after reasonable notice and opportunity to be heard by
the Board of Directors prior to action thereon.
SECTION
6. President and Vice President(s).
The President shall be the
Chief Executive Officer of the Association and shall, subject to the
direction of the Directors, have general supervision and control of its
business and have such other powers and duties as are usually vested in
the office. The President shall preside, when present, at all meetings
of members and of Directors.
The Vice President, or if
there shall be more than one, the Vice Presidents in the order
determined by the Directors, shall, in the absence or incapacity of the
President, perform the duties and exercise the powers of the President
and shall perform such other duties and shall have such other powers as
the Directors may from time to time prescribe.
SECTION
7. Secretary and Assistant Secretary.
The Secretary shall keep
all the minutes and records of the Association, shall file any
certificate required by any statute, Federal or Territorial, shall give
and serve all notices to members, shall present to the membership or
Directors, as appropriate, any communications which may be addressed to
the Secretary of Association.
The Secretary shall keep or
cause to be kept in St. Croix, at the principal office of the
Association, or at his or her home or office, the records of the
Association, in which are contained the names of all members and the
record address of each.
The
Assistant Secretary, in the absence or incapacity of the Secretary,
shall perform the duties and exercise the powers of the Secretary and
shall perform such other duties and shall have such other powers as the
Directors may from time to time prescribe.
SECTION
8. Treasurer and Assistant Treasurer.
The Treasurer shall have
general charge of the financial affairs of the Association, shall have
the care and custody of all funds, securities and valuable documents
belonging to the Association, shall cause to be kept accurate books of
account, and shall render at stated periods as the Board of Directors
shall determine a written account of the finances of the Association and
such reports shall be physically affixed to the minutes of the meeting
at which presented. The Treasurer will be the Chairperson of the
Finance Committee and have the overall responsibility for the budget of
the Association.
The Assistant Treasurer, in
the absence or incapacity of the Treasurer, shall perform the duties and
exercise the powers of the Treasurer and shall perform such other duties
and shall have such other powers as the Directors may from time to time
prescribe.
SECTION
9. Other Duties and Powers.
Each Officer shall, subject
to Law, the Articles of Incorporation, and these By-laws, have in
addition to the duties and powers specifically set forth in these
By-laws, such duties and powers as are customarily incident to his or
her office, and such duties and powers as the Directors may from time to
time designate.
ARTICLE VII - ASSOCIATION
MANAGEMENT
SECTION
1. Association Records.
The original, or attested
copies, of the Articles of Incorporation, the Declaration Establishing
Restrictive Covenants, the By-laws, records of all meetings of the
Incorporators, Members and Directors, and the records which shall
contain the names of all members and the record address of each, shall
be kept in St. Croix at the principal office of the Association or at
the office or the home of the Secretary. Said copies and records need
not all be kept in the same office. They shall be available at all
reasonable times to the inspection of any member for any proper purpose,
but not to secure a list of members for the purpose of selling or using
said list or copies thereof for any purpose other than in the interest
of the affairs of the Association.
SECTION
2. Seal.
The seal of the Association
shall, subject to alteration by the Board of Directors, bear the name
"ESTATES OF JUDITH'S FANCY OWNERS' ASSOCIATION, INC.", the words "ST.
CROIX", and the year of incorporation "1969" and shall be maintained
with the corporate records by the Secretary.
SECTION
3. Execution of Instruments.
All deeds, leases, transfers, contracts, bonds, notes and other
obligations authorized to be executed by an Officer of the Association
in its behalf shall be signed by the President, Treasurer, or the
Secretary, except as the Directors may generally or in particular cases
otherwise determine.
SECTION
4. Evidence of Authority.
A certificate by the
Secretary, or an Assistant or Temporary Secretary, as to any action
taken by the Members, Directors, or any Officer or representative of the
Association shall as to all persons who rely thereon in good faith be
conclusive evidence of such action.
SECTION
5. Indemnification of Officers and Directors.
Each Officer and Director of the Association shall be indemnified by the
Association against all costs, expenses, and liabilities reasonably
incurred by or resulting from any action, suit, or proceeding to which
he or she may be made a party by reason of his or her being or having
been an Officer or Director of the Association, except in relation to
matters as to which he or she shall be adjudged in such action, suit or
proceeding to be liable for negligence or misconduct in the performance
of his or her duty as such Officer or Director; and the foregoing right
of indemnification shall not be exclusive of other rights to which any
such Officer or Director may be entitled as a matter of law.
SECTION
6. Contracts or Agreements.
In the absence of fraud, the Board of Directors or such Officer,
Committee Chairperson, or other individual the Board may designate, is
authorized to make any contracts or agreements with any other
corporation, firm, partnership or person as deemed necessary or
desirable in the best interests of the Association.
SECTION
7. Voting of Securities.
Except as the Directors may
otherwise designate, the President or Treasurer may waive notice of and
act as, or may appoint any person or persons to act as, proxy or
attorney in fact for the Association (with or without power of
substitution) at any meeting of stockholders or shareholders of any
other corporation or organization, the securities of which may be held
by this Association.
SECTION
8. Amendments.
The By-laws of this
corporation may be adopted or amended at any time by a two-thirds (2/3)
vote of the members of the corporation provided notice of the substance
of the proposed adoption or amendment is stated in the notice of the
Annual Meeting. Alternatively, the By-laws of the corporation may be
adopted or amended by a two-thirds (2/3) vote of the Board of Directors
subject, however, to the right of members to amend, repeal, alter or
modify such By-laws by a two-thirds (2/3) vote at the next Annual
Meeting, except the Directors may make no amendment altering the date of
the Annual Meeting, provisions regarding the removal of Directors, or
amendment of the By-laws.
SECTION
9. Rules and Regulations.
The Board of Directors
shall promulgate such rules and regulations as are required from time to
time to effectuate the purposes of the Association. Such rules and
regulations are to become effective upon due notice to the Membership
and are to become permanent upon ratification by the majority of the
Membership at the next Annual or Special Meeting of Members. Any rule
or regulation may be voided by a majority vote of the Membership at any
Annual or Special Meeting of Members providing due notice of such action
is provided with the notification of the meeting.
SECTION
10. Violations.
In the event any member
violates any provision of the Declaration, these By-laws, or any Rules
or Regulations as may then be in effect, any other member or members
many individually or collectively take such legal action as such member
or members may deem advisable to assure correction of the violation.
SECTION 11. Fines.
For violations of the Declaration of Restrictive Covenants of such
nature that bringing actions for Injunction would be unfeasible or
impractical, the Board of Directors has the power to encourage
compliance by the enactment and imposition of penalties pursuant to
paragraph 3(b) of the Restrictive Covenants, as last amended, dated
February 26th, 1992.
There are hereby
established penalties in the nature of fines for violations of the
Restrictive Covenants which shall be in addition to any other legal or
equitable remedy available to encourage compliance in the amount up to
$25 per day for continued violation as hereafter provided.
(a) Upon
being presented with evidence, oral or written, of any violation of the
Restrictive Covenants, the Board may by a two-thirds majority vote of
the Board take such action as it deems appropriate giving weight to the
seriousness, flagrance, long continuation, and effect upon the
neighborhood and impose a penalty for such violation within the limits
above provided.
(b) Upon
taking the action provided in paragraph (a) above, the Secretary shall
forthwith by certified mail with return receipt requested notify the
Owner in violation(or his Tenant) of the action taken and penalty
imposed and the Owner shall have 20 days after such receipt to either
pay said penalty or notify the Secretary in writing that the action will
be contested by the Owner and request a hearing before the Board of
Directors within 30 days be heard. The Secretary shall notify the Owner
in writing of any meeting regularly scheduled within said period or the
next one regularly scheduled after said 30 days. Such request shall be
placed on the agenda for next regular meeting after receipt of the
Owner's request. At said meeting, if the Owner appeals, the evidence
considered shall be reviewed with said Owner along with any evidence
presented by the Owner and the Board shall act to confirm its decision,
to reverse it, or to modify it which shall be noted in the Minutes of
the Meeting and shall be final.
(c) In any
such action, to the maximum extent permissible, the Owner responsible
for the violation for which abatement is sought shall pay all costs
including reasonable attorney's fees actually incurred
(d) For the
purpose of enforcement of this section, the Board shall appoint an
Enforcement Committee which shall be responsible for investigating
complaints,
making timely
recommendations for appropriate fines to theBoard for confirmed
violations, confirming when and how violations are abated, and
periodicallly reporting on the status of violations at Board meetings
(e) For
fine actions approved by the Board, the Secretary shall prepare and
immmediately issue a letter notice by certified, return receipt mail
under signature of the chairperson of the Enforcement Committee or, in
his/her absence, any other officer of the Board familiar with the
violation, stating: the nature of the violation, the fine approved by
the Board and the date of the approval, the relevant Bylaw provisions
describing how the Owner's may appeal to the Board, how fines are
calculated and billed, and how the Owner may obtain abatement of the
violation.
(f) Daily
amounts of fines imposed by the Board shall accumulate beginning the day
after the Board meeting when the fine was imposed until the violation is
abated or until year-end, which ever comes first. The cummulative total
through abatement or year-end for each fine shall be billed to the Owner
together with the Owner's annual assessment. Payment shall be due
together with the annual assessment and late charges shall be calculated
and applied in the same way as the annual assessment. Fines for
violations which are unabated as of year-end shall be automatically
extended and begin accumulating the first day of the new year.
SECTION
12. Rules for Grass Cutting.
Wherever feasible by
manual or mechamized means, Owners of all lots improved and unimproved,
must keep grass and brush trimmed back to below a maximum height of
twelve inches for a minimum of ten feet along all lot boundaries which
border directly on improved lots. If a lot is in violation of this
requirement during a period of declared as a High Fire Risk Period the
Board of Directors , the Board is authorized to enter upon the property
one or more times without prior notice and place said property into
conformity and bill the affected member for all expenses reasonably
incurred. Notice of of a High Fire Risk Period shall be posted at the
Judith's Fancy Gate.
ARTICLE VIII - FISCAL
AFFAIRS
SECTION
1. Fiscal Year.
The fiscal year of the
Association shall begin the first day of January in each year and end
on the thirty-first day of December in such year.
SECTION
2. Assessments.
Each member of this Association shall be liable for assessments in
amounts to be determined by the Board of Directors, subject to approval
by a majority of members present or represented by proxy at an Annual or
Special Meeting of Members. All plots shall be assessed at a uniform
rate without reference to size or location with the exception that plots
with a residence in being or under construction as of the beginning of
the fiscal year shall be assessed at a higher uniform rate than vacant
plots, and that all plots which have a legal and permissible
supplemental residential unit in accordance with Section III(1) of the
Declaration, shall be assessed for the two (2) residential units at the
rate fixed in accordance with these By-Laws.
Plots shall be billed for
annual assessments per the following procedure:
(a) The Treasurer shall
issue a bill for each residential plot at the rate established in
accordance with these By-Laws.
(b) All
improved residential plots shall be billed at the rate established for
plots having a supplemental rental unit. The owner(s) of any such plot
who shall claim to have only one billable residential unit on such plot
shall promptly and before such bill becomes delinquent, in writing
delivered to the Treasurer, advise the Treasurer of such fact. By such
written advice, the owner shall be deemed to grant the Treasurer or
other agent of the Association permission to visit, enter and examine
all parts of the property to make a determination of the proper
assessment fee. If it is determined that there exists no supplemental
rental unit, the Treasurer shall issue a revised bill for that billing
year.
(c) The
Board of Directors of the Association may establish and publish criteria
to determine the existence of a supplemental rental unit and it shall be
the final determinant of the existence of such a unit. Among the
criteria which may be considered, but which shall not constitute a
limitation on the Board, shall be: the existence of a separate food
preparation facility; whether the unit has been or is contemplated to be
leased out, and the relationship of the residents in the supplemental
unit to the plot owner.
SECTION
3. Unpaid Assessments or Fines.
All sums assessed or fines
imposed by the Association but unpaid by a member shall constitute a
lien on such plot or plots prior to all other liens excepting only tax
liens on the plot or plots in favor of the Government of the Virgin
Islands and all sums unpaid on a first mortgage of record. Such lien
may be foreclosed by suit by the Board of Directors, acting on behalf of
the Association, in a like manner as foreclosure of a mortgage of real
property. Suit to recover a money judgment for unpaid assessments shall
be maintainable without foreclosing or waiving the lien securing the
same.
SECTION
4. Signatories.
All checks and drafts drawn on the accounts of the Association are
required to have two (2) signatories. The President, Secretary,
Treasurer, and such other Director or Directors as the Board of
Directors may designate are authorized to sign all checks or drafts.
SECTION
5. Dividends.
The Board of Directors
shall declare no dividends from the surplus of the Association, as any
surplus funds shall be used for the purposes of the Association as the
Directors shall determine. Whenever in their opinion the Association's
finances exceed the amount necessary for the proper conduct of business
plus a reasonable contingency reserve, they shall take the necessary
steps to reduce the assessments as provided herein.
SECTION 6.
Investments.
The Board of Directors shall approve and specifically identify by name
any bonds, stocks, certificates of deposit, or other sources of
investment for Association funds. The selection of these sources is to
be based principally on financial stability rather than on income
possibilities. The Treasurer is then authorized to invest or withdraw
funds in excess of current operating needs in any of the approved
investment sources as he or she may deem advisable in the best interest
of the Association.
* *
* * *
The undersigned, being the President of the Association,
hereby certifies that the foregoing amended and restated bylaws contains
the amendments made to the bylaws of the Association as duly approved by
the Board of Directors and a majority of the members of the Association
at the Annual Meeting held February 25, 1998.
These
Amended and Restated Bylaws are signed by the Association this
_______________________, 1998.
WITNESSES:
ESTATES OF JUDITH'S FANCY OWNERS'
ASSOCIATION INC.
By: _______________________________________
Robert L. Musser, President
ATTEST:
By:________________________________________
, Secretary
TERRITORY OF THE VIRGIN ISLANDS
DIVISION OF ST. CROIX
The foregoing instrument was acknowledged before me this
_______ day of ________________, 1998, by Robert L. Musser,
President of the ESTATES OF JUDITH'S FANCY OWNERS' ASSOCIATION
INC., a nonprofit corporation, on behalf of the corporation.
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
(NOTARY
SEAL)
Print
Name:__________________________
Notary Public Territory of
the Virgin Islands
No.
________________________________
Qualified in Judicial
District of St. Croix
Commission
Expires:__________________
slh/re/JudFancyAmendBylaws.doc
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