Savaan Owners Association Inc

What Savaan Owners Association Inc's governing documents say

This is an amendment to the bylaws of the Savaan Owners Association, Inc., a homeowners association in Cary, NC. It changes the board size and election terms, and limits the length of certain contracts the association can sign. It is not the full set of community rules, but a specific update to the governing documents.

• Board size & eligibility: The board will have between 3 and 5 directors, all of whom must live in the Savaan community and be members in good standing.
• Board terms & staggering: Directors serve staggered terms: with a 5-member board, initial terms are 1, 2, and 3 years; with a 3-member board, terms are similarly staggered. After the initial election, all directors serve 3-year terms.
• Contract limits: The association cannot sign contracts for goods or services lasting more than 3 years, except for regulated public utility contracts (limited to the shortest term allowed) and prepaid insurance policies (also max 3 years). Management agreements must be terminable with 90 days' notice. These limits can be waived by a 67% vote of the association's voting power.
• What this document doesn't cover: This amendment does not contain the full community rules, such as property use restrictions, maintenance obligations, assessments, or pet policies. Those are in the original Declaration and Bylaws, which are not included here.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.