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Article IIIDuties and Powers of the CorporationSection 3.1: General Section 3.1 General. The Corporation has been formed to further the common interests of the Shareholders. The Corporation, acting through the Board of Directors, shall have the duties and powers hereinafter set forth and, in general, the power to do anything that may be necessary or desirable to further the common interests of the shareholders, to maintain, improve and enhance corporation properties and to improve and enhance the attractiveness, desirability and safety of all areas which fall within the boundaries of Norton Hills Estates. Section 3.2 Duty to manage and care for property. The Corporation shall manage, operate, care for, maintain and repair all corporation owned properties and keep same in a safe, attractive and desirable condition for the use and enjoyment of the shareholders, their family members and guests. Section 3.3 Duty to pay taxes, maintain casualty insurance and maintain liability insurance. The Corporation shall pay all real estate taxes and assessments levied upon corporation owned properties and shall obtain and keep in force and effect at all times, to the extent reasonably obtainable, casualty, fire and comprehensive liability insurances. Section 3.4 Duty to ascertain budgetary requirements and to levy dues and assessments. The Corporation shall determine the revenue required to fund all general operations, including foreseeable reserves for repair and replacement of capital improvements upon corporate owned properties and necessary personal property related thereto, and will levy annual dues assessments against all shareholders in sufficient amounts to fund such operations. Said dues assessments will be issued on or before January 1st of each year and will be due and payable within 30 days of issuance. In addition, if the Board of Directors determines the need for additional revenue required for extraordinary purposes such as constructing, reconstructing, repairing or replacing capital improvements upon corporation properties, or for any other extraordinary requirement, the Board will be charged with informing the shareholders of the need for a special assessment and will deliver a ballot for approval by the shareholders to each shareholder's last known addressto be returned to the corporation in no less than 30 days. If, upon counting the ballots returned, 51 percent or more of the shares represented by the responding shareholders approve the issuance of the special assessment, the Corporation shall issue said special assessment immediately, to be due and payable within 30 days of issuance. Section 3.5 Duty to enforce collection of duesand assessments. The Corporation shall make every reasonable effort to collect any and all dues assessments and special assessments levied upon the shareholders under Sec. No. 3.4 above. If any annual dues or special assessment is not paid within 30 days after it is due, the shareholder may be required to pay a reasonable late fee as determined by the Board of Directors. Any assessment which is not paid within 60 days after it is due shall be considered delinquent and the Corporate treasurer shall be required to bring the delinquency to the attention of the Board and to recommend an appropriate action. The Board may, at its discretion, either refer the account to a collection agency, file a claim or lien against the shareholder's property, bring a suit at law to enforce the obligation, suspend the delinquent shareholder's voting rights or any combination of the above. The cost of any enforcement action will be added to the delinquency and will be borne in full by the delinquent shareholder. Section 3.6 Power to adopt rules and regulations. The Corporation may adopt, amend, repeal and enforce rules and regulations, fines, levies and enforcement provisions as may be deemed necessary or desirable with respect to the operation of the corporation, the use and enjoyment of corporation owned properties and the use of any other property within the boundaries of Norton Hills Estates, including privately owned sites. Any such rules and regulations shall be reasonable and uniformly applied. Such rules and regulations shall be effective upon adoption by resolution of the Board of Directors. Notice of the adoption, amendment or repeal of any rule or regulation shall either be delivered to each homesite, published in the Norton Hills Estates Newsletter, or mailed to the shareholder's last known address 30 days in advance of such action. Copies of currently effective rules and regulations shall be made available to each shareholder upon request. Each shareholder, as well as the shareholder's family members and guests, will be bound by and shall comply with all such rules and regulations. Section 3.7 Power to enforce By-Laws The Corporation shall have the power to enforce the provisions of these By-Laws and any adopted rules and regulations and shall take such action as the Board deems necessary or desirable to cause compliance by each shareholder, the shareholder's family members and guests. Without limiting the generality of the foregoing, the corporation will have the power to assess and collect fines, suspend the voting rights of shareholders, and initiate legal action as the Board deems appropriate. |