Constitution and Bylaws of the
Point of Pines Beach Association
(as adopted June 20, 1990)
The name of this corporation shall be the Point of Pines Beach Association
ISSUANCE OF BONDS
This corporation shall be empowered to issue bonds to eligible persons as it from time to time sees fit.
OWNERSHIP OF BONDS
therein is eligible to purchase one bond. The issuance of new bonds for sale may be suspended by a three-fourths vote of the Board of Directors.
terms of office shall be for two years.Section 2. The President and Recording Secretary shall be members of all committees.
Section 3. The Recording Secretary shall keep a record of all proceedings at both annual and special meetings of the corporation and all committee and Board of Directors meetings.
Section 4. The Treasurer shall be the custodian of all funds of the corporation and may be required to give bond in such amount as required by the officers and Board of Directors.
At the discretion of the President, a person will be designated annually to conduct an audit of the Treasurer’s books.
Section 5. The President shall preside over all meetings of the corporation and the Board of Directors.
Section 6. The First Vice-President shall preside over all such meetings in the absence of the President.
Section 7. Upon written notice to the Board of Directors any officer described in this article may resign his/her position. In the event of a vacancy in a lesser office the President shall have the authority to appoint a replacement for that position. If the office of President becomes vacant the Board of Directors shall appoint an interim President to fulfill the remainder of the term of office.
Section 8. Any elected officer and or member of the Board of Directors that miss three (3) meetings in a calendar year may be subject to dismissal from his or her office or from the Board by a majority vote of the Board.
BOARD OF DIRECTORS
BOARD OF ADVISORS
Section 1a. The annual meeting of the membership shall be held in the spring of each year on a date set by the Board of Directors.
Section 1b. In odd numbered years the election of officers and Directors shall be held at the annual meeting.
Section 2. Special meetings may be called by the Board of Directors at such times as are thought advisable.
Section 3. A quorum at a meeting of the membership shall consist of at least 10% of the membership. Each member, as defined in Article II-B, is entitled to one vote to be cast in person, by
representative or by proxy – such proxy, given to the Recording Secretary, signed by the member, and bearing date not more then six months before the meeting, to be invalid after the final adjournment of such meeting. A majority shall consist of more than half of the sum of the number of members present and voting and the number of proxy votes.
BONDS OF THE CORPORATION
a new bond shall be issued in place of another on the surrender thereof to the Treasurer with a transfer in writing specifying to whom the bond is to be transferred.Section 2. In case of loss or destruction of a bond a duplicate bond may be issued upon delivery to the Treasurer of an affidavit of the loss or destruction and security against any loss subsequent upon the issue of a duplicate, the affidavit and security to be satisfactory to the
Section 3a. Any bondholder, including the heirs, assignees, executors, or administrators of a deceased bondholder, desiring to sell or transfer such bond owned by him or them shall first offer it to the corporation at face value. He shall present it to the Treasurer of the corporation. He shall include notification in writing of his desire to sell or transfer, giving the name of the
proposed purchaser or transferee. The Board of Directors shall within thirty days thereafter approve the sale or transfer to the prospective owner, if he meets the qualifications for bondholders set forth in Article II-A, or else return the bond to the presenter. No bonds shall be sold or transferred on the books of the corporation until
these provisions have been complied with.
Section 3b. Any bond owned by a bondholder who has not fulfilled the eligibility in Article II-A for a period of one calendar year and has not transferred that bond in accordance with Section 3a shall become null and void.
Section 4. Special meetings of the bondholders may be called by the Board of Directors. A quorum at such a meeting
shall consist of at least 25% of the bondholders.
Section 5. (Amended January 26, 1950, by adding the following.) In the event of dissolution of the corporation, each bondholder shall be
entitled after payment of all debts and expenses of the corporation to a proportionate share of the remaining assets. Additionally, in such an event, all dues payers of the current year shall be entitled to a proportionate share of all funds remaining from dues collected in that year less expenditures of that year.
Section 6. There shall be no disposal of the Point of Pines Beach as described in the deed referenced in the preamble without a majority vote of the bondholders present at a meeting of the bondholders called for that purpose by the Board of Directors.
EXPENDITURES AND APPROPRIATIONS
ORDER OF BUSINESS
5. Unfinished business
6. New business
7. Addresses and entertainment