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Kelly Park Homeowners Association ARTICLES OF INCORPORATION In compliance with the requirements of the General Non-Profit Corporation Law of the State of California, the undersigned, all of whom are residents of California and all of whom are of full age, have this day voluntarily associated themselves together for the purpose of forming a corporation not for profit and do hereby certify:
The name of the corporation is KELLY PARK HOMEOWNERS ASSOCIATION, hereafter called the "Association." ARTICLE II The County in the State of California where the principal office for the transaction of the business of this corporation is to be locat:ed is The County of Ventura.
PURPOSE AND POWERS OF THE ASSOCIATION
Lots 1 to 52, both inclusive, and Lots A, B, and C of Tract 2488-1, in the city of Thousand Oaks, as per map recorded in book 71, pages 7-9 inclusive of maps, in the office of the County Recorder of Ventura County. EXCEPT an undivided 1/2 interest in the "oils and minerals in, on or under said land as reserved by William W. Hays -1 -
together with such other adjacent property as may be annexed thereto. This Association
shall exercise all of the powers and privileges and perform all of the
duties and obligations of the Association as set forth in that certain
Declaration of Covenants, Conditions and Restrictions, hereinafter called
the "Declaration," applicable to the property and recorded or to be recorded
in the Office of the County Recorder of Ventura County and as the same may
be amended from time to time as therein provided. This Association shall acquire (by gift, purchase, or otherwise), own, hold, improve, build upon, operate, maintain, convey, sell, lease, transfer, dedicate for public use or otherwise dispose of real or personal property in connection with the affairs of the Association. This Association shall borrow money, and with the assent of two-thirds (2/3) of each class of members, mortgage, pledge, deed in trust, or hypochecate any or all of its real or personal property as security for money borrowed or debts incurred. -2 -
This Association shall participate in mergers and consolidations with other non-profit corporations organized for the same purposes. This Association shall have and exercise any and all powers, rights and privileges which a corporation organized under the Non-Profit Corporation Law of the State of California by law may now or hereafter have or exercise. No part of the net earnings, properties, or assets of this corporation, on dissolution or otherwise, shall enure to the benefit of any private person or individual or any member or director of this corporation.
MEMBERSHIP Every person or entity who is a record owner of a fee or undivided fee interest in any Lot which is subject by covenants or record to assessment by the Association, including contract purchasers, shall be a member of the Association. The foregoing is not intended to include persons or entities who hold an interest namely as security for the performance of an obligation. membership shall appurtenant to and may not be separated, from ownership of any Lot which is subject to assessment by the Association. ARTICLE V VOTING RIGHTS The Association shall have to classes of voting membership: -3 -
Class A. Class A members shall be all Owners, with the exception of the Declarant, and shall be entitled to one vote for each Lot owned. When more than one person holds an interest in any Lot, all such persons shall be members. The vote for such Lot shall be exercised as they determine, but in no event shall more than one vote be cast with respect to any Lot. Class B. The
Class B member(s) shall be the Declarant (as defined in the Declaration),
and shall be entitled to three (3) votes for each Lot owned. (a) when the total
votes outstanding in the Class A membership equal the total votes
outstanding in the Class B membership; or ARTICLE VI BOARD OF DIRECTORS The affairs of this
Association shall be managed by a Board of five (5) Directors, who need not
be members of the Association. The number of directors may be changed by
amendment of the By-Laws of the Association. The five original incorporators
shall act as the sole directors of the Association until the first
At the first annual meeting the members shall elect two directors for a term of one year, two directors for a term of two years, and one director for a term of three years; and at each annual meeting thereafter, the members shall elect directors replacing the directors whose terms are expiring for a similar term. ARTICLE VII DISSOLUTION The Association may be dissolved with the assent given by vote or in writing and signed by not less than fifty (50%) percent of each class of members. Upon dissolution of the Association, the assets of the Association shall be dedicated to an appropriate public agency to be used for purposes similar to those for which this Association was created. In the event that such dedication is refused acceptance, such assets shall be granted, conveyed, and assigned to any non-profit corporation, association, trust, or other organization to be devoted to such similar purposes. ARTICLE: VIII DURATION The corporation shall exist perpetually.
AMENDMENTS Amendment: of these Articles shall require the assent of 70 percent (75%) of both classes of members. IN WITNESS WHEREOF, for the purpose of forming this Corporation under the laws of the State of California, we, the undersigned, constituting the incorporators of this Association, have executed these Articles of Incorporation this 15th day of September, 1977. Signed by: DOWEL E. HILL ALICE E. STITCH JUNE HILL RUTH HATCHER
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