Book8409 - Page759 Page 1 of 3 For Registration Sharon A. Davis Register of Deeds Durham County, NC Electronically Recorded 2018 Apr 26 12:49PM NC RevStamp:$ 0.00 Book: 8409 Page: 759 Fee: $ 26.00 Instrument Number: 2018013667 ‘ AMD Prepared by and return to: Michael R. Ganley, Attorney, Bagwell Holt Smith P.A.
111 Cloister Court, Ste. 200, Chapel Hill, NC 27514 AMENDMENT TO BYLAWS FOR WELDON DOWNS TOWNHOME ASSOCIATION, INC.
This Amendment to Bylaws for Village at Weldon Downs Townhome Association, Inc. (this “Amendiment”), is made this22.S day of Poeial , 2018, by Weldon Downs Townhome oO Association, Inc., a North Carolina non-profit corporation, hereinafter referred to as the “Association”.
The Association states and declares as follows: A. Article XIV, Section | of the Bylaws for the Association provides, in pertinent part, that the Bylaws may be amended, at a regular or special meeting of the Board of Directors, by a vote of a majority of a quorum of the Directors present in person or by proxy.
B. A majority of the Board of Directors have voted in favor of amending the Bylaws.
C. Article XIV, Section 3 of the Bylaws state that such amendment must be recorded in the public records of Durham County, North Carolina.
D. The Association now desires to amend the Bylaws.
THEREFORE, the Association hereby amends the Bylaws as follows: I. ARTICLE | of the Bylaws is deleted in its entirety and replaced with the following: NAME AND LOCATION. The name of the corporation iis WELDON DOWNS TOWNHOME ASSOCIATION, INC., hereinafter referred to as the “Association”.
The principal office of the corporation shall be located at c/o Allenton Management, 3500 Westgate Dr., Suite 800, Durham, NC 27707, or as subsequently determined by the Board of Directors.
ociation”.
The principal office of the corporation shall be located at c/o Allenton Management, 3500 Westgate Dr., Suite 800, Durham, NC 27707, or as subsequently determined by the Board of Directors.
2. ARTICLE VII, SECTION l(c) of the Bylaws is deleted in its entirety and replaced with the following: (c) exercise for the Association all powers, duties and authority vested in or delegated Submitted electronically by “Bagwell Holt Smith P.A."
in compliance with North Carolina statutes governing recordable documents and the terms of the submitter agreement with the Durham County Register of Deeds.
3.
the following: 5.
the following: 6.
the following: Book8409 - Page760 Page 2 of 3 to this Association and not reserved to the membership by other provisions of these Bylaws, the Articles of Incorporation or the Declaration, however, any expenditure greater than $10,000.00 must be approved by a unanimous vote of the Board of Directors; ARTICLE VII, SECTION I(e) of the Bylaws ts deleted in its entirety and replaced with (e) employ a manager, an independent contractor, or such other employees as they deem necessary, and to prescribe their duties, however, if the Board employs a property manager, the Board may include in the contract with the property manager that all the day-to-day affairs of the Association, including financial responsibilities, be carried out by the property manager, including the duties of the President and Treasurer to sign checks. In the event that the property manager is delegated the duty to sign checks, the property manager shall obtain a fiduciary bond. Notwithstanding the foregoing, any check drafted to pay for capital repairs or improvements must be signed by the Treasurer or President, and cannot be delegated to the property manager;
duciary bond. Notwithstanding the foregoing, any check drafted to pay for capital repairs or improvements must be signed by the Treasurer or President, and cannot be delegated to the property manager; The following is added as an additional ARTICLE VII, SECTION 1(h) of the Bylaws: (e) administer a reserve account for capital improvements and unanticipated expenses. Any transfer from the reserve account to the operating account must be approved by a majority of the Board of Directors.
ARTICLE VIII, SECTION 8(a) of the Bylaws is deleted in its entirety and replaced with (a) The president will preside over meetings of the Board of Directors, and the annual membership meeting. The President will see that all orders and resolutions of the Board are carried out; shall sign all leases, mortgages, deeds and other written instruments, and shall co-sign any expenditure of $10,000 or more, if that expenditure has unanimous approval of the Board of Directors.
ARTICLE VIII, SECTION 8(c) of the Bylaws is deleted in its entirety and replaced with (c) The Treasurer shall receive and deposit in appropriate bank accounts all monies of the Association and shall disburse such funds as directed by resolution of the Board of Directors, however, notwithstanding the foregoing, a resolution shall not be required for disbursements made in the ordinary course of business pursuant to the budget adopted by the Board. This duty may be delegated to the property manager.
The Treasurer shall keep, or cause to be kept, proper books of accounts. The Treasurer shall prepare, or direct the management company to prepare, an annual income and expense statement and balance sheet to be available to the membership within seventy-five (75) days of the end of the fiscal year. The Treasurer shall co-sign
company to prepare, an annual income and expense statement and balance sheet to be available to the membership within seventy-five (75) days of the end of the fiscal year. The Treasurer shall co-sign any expenditure of $10,000 or more, if that expenditure has unanimous approval of Book8409 - Page761 Page 3 of 3 the Board of Directors.
7. ARTICLE X, SECTION 3 of the Bylaws is deleted in its entirety.
IN WITNESS WHEREOPF, the Association has caused this Amendment to be executed, as of the date first stated above.
WELDON DOWNS TOWNHOME ASSOCIATION, INC., a North Carolina non-profit corporation NORTH CAROLINA COUNTY OF ta I elisss A. Tus > a Notary Public, do hereby certify that ZOU \ M a , personally came before me and acknowledged that s/he is pres “A 1 4 of Weldo Downs Townhome Association, Inc., a North Carolina non-profit corporation, and that s/he, as » being authorized to do so executed the foregoing on behalf of the non-profit corporation.
“ Date: Ups [ 1% Official Signature of Notary Publi Welssa 4. Ths Notary’s Printed or Typed Name, Notary Public My commission expires: a “2