HomeMy WebLinkAboutBill of Assurance - Amended 120224' .i-—W k1Lit cva •v, JVVV LOVO a vl V
This instrument prepared by
Heartslll Ragon III
Gill Ragon Owen, PA
425 W. Capitol Ave.
Suite 3800
Little Rock, AR 72201
11 2017076660
PRESENTM 11-712n170103DPM RVWW D 1/-24M?M "MPM
In Ofidnl Records of Lawry Gene ChmRlCON" Clerk
PULASKI CO. AR FEE $40 00
FIRST AMENDMENT
TO BYLAWS
(AND INTERNAL RULES)
OF
THE CLIFFS PROPERTY OWNERS ASSOCIATION, INC.
This First Amendment to Bylaws is executed as of M0VCIrlbUr 96 , 2017 by the
undersigned who collectively constitute and comprise the members of the Board of Directors of The Cliffs
Property Owners Association, Inc. ("Corporation").
Whereas, the Corporation's business activities are governed pursuant to a certain set of Bylaws
that were appended to that certain Master Deed to The Cliffs Horizontal Property Regime ("Master Deed")
that has been filed of record in the Office of the Recorder in and for Pulaski County, Arkansas as
Instrument Number 200SO94417 (the "Bylaws"); and
Whereas, pursuant to the provisions of Article XIII of the Bylaws, the Bylaws may be amended
pursuant to the approval of such amendments by the affirmative vote of at least two thirds of the owners
of Units created pursuant to the Master Deed; and
Whereas, the Corporation has been successful in obtaining the express written consent to the
modification of the Bylaws as set forth below from at least two thirds of the owners of the condominium
Units created pursuant to the Master Deed, proof of such consent being maintained in the Corporation
books and records and available for review by Corporation members upon request;
Now, Therefore, pursuant to the affirmative vote of at least two thirds of the owners of Units
created pursuant to the Master Deed, and In accordance with Article XIII of the Bylaws, the Bylaws are
hereby modified and amended to the limited extent necessary in order to provide as follows:
1. Board of Directors: Number; Term; Quorum. Article II, Section 2 of the Bylaws is hereby modified,
amended and restated In its entirety as follows:
Section 2. Directors. The operational and business affairs of the Corporation shall be
conducted and overseen by five Directors who shall each own Units at the time of their
election, and maintain Unit ownership throughout their term of office. Directors shall be
elected, and serve terms of office as follows:
Newly Established 5taggere4-jgrrp Board, At the first duly convened annual
Membership meeting of the Corporation occurring In calendar year 2017 (the
"2017 Annual Meeting"), five Individuals will be elected by the Membership to
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serve as the Directors of the Corporation, thereby replacing any and all individuals
who previously served as directors of the Corporation.
L017 Annual Meeting; Votin Procedure. At the 2017 Annual Meeting, each
Member shall be given a ballot listing the names of all individuals desiring to serve
as Directors on the Board. Each member present at the 2017 Annual Meeting
either in person or by proxy shall vote for no more than five individuals to serve
as Directors. The five individuals receiving the greatest number of votes shall be
elected as Directors. Should tie votes occur, the Corporation property manager
shall identify the procedure for the resolution of such deadlock by means of lot
or other procedure determined by said property manager in its reasonable
discretion.
Staggered Terms of Office_ With regard to the five individuals elected to serve as
Directors at the 2017 Annual Meeting, the Corporation property manager shall
establish, by means of lot or other procedure determined by said property
manager in its reasonable discretion, a manner in which the terms of the
Directors shall be established. One Director shall serve a five-year term of office;
another Director shall serve a four-year term of office; another Director shall
serve a three-year term of office; another Director shall serve a two-year term of
office; and the final Director shall serve a one-year term of office.
Successors. Upon the expiration of the initial terms of office establish at the 2017
Annual Meeting, all individuals succeeding Directors shall each serve three-year
terms of office. An individual serving as a Director may succeed himself or herself
in office.
Quorum A majority of the Directors shall constitute a quorum for the transaction
of business at any Board meeting. If at any meeting of the Board there shall be
less than a quorum present, a majority of those present may adjourn the meeting
from time to time until a quorum is obtained and no further notice thereof need
be given other than by announcement at said meeting which shall be so
adjourned.
2. Ouorum Requirements —Meetings of Members, Article III, Section 5 of the Bylaws is hereby
modified, amended and restated in its entirety as follows:
section 5. quorum. One -Third (1/31) of the total number of Members of Units who shall
be present in person or represented by proxy at any duly called meeting of the
Corporation Membership shall constitute a quorum for the transaction of business at said
meeting.
3. Amendment. Article XIII of the Bylaws Is hereby modified, amended and restated in Its entirety
as follows:
These Bylaws may only be amended by the affirmative vote, either In person or by proxy,
of at least 50% of the Members at a duly convened annual meeting of the Corporation's
Membership,
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4- Miscellaneous. Capitalized terms not otherwise defined herein shall may have those meanings
assigned to them in either the Master Deed or the Bylaws, as applicable. Except as modified
herein, the terms and conditions of the Master Deed and Bylaws remain in full force and effect.
This First Amendment Is executed by the undersigned who collectively constitute and comprise
all Directors of the Corporation as of the date first rPferPnced above.
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ACKNOWLEDGMENT
STATE OF ARKANSAS )
)ss.
COUNTY OF PULASKI )
On the '2e day of 04lt t 2017, before the undersigned, a Notary Public, duly
commissioned,_ qualified and acting, within and for the said county and state aforesaid, personally
appeared, � Sri __ , who stated that he/she had executed the forgoing instrument for the
consideration, uses nd purposes therein stated.
in witness whereof, I hereunto set m hand and sea on this �r
Y � day of JQ_ _ kAA- , 2017.
S1yOnn J
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My Commission Expires:
STATE OF ARKANSAS )
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COUNTY OF PULASKI )
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ACKNOWLEDGMENT
On the a5ol day of MW 2017, before the undersigned, a Notary Public, duly
commissioned, qualified and acting, within and for the said county and state aforesaid, personally
appeared, u2jn&nl L who stated that he/she had executed the forgoing instrument for the
consideration, uses and purposes therein stated.
In witness whereof, I hereunto set my hand and seal on this ��day of A-)MtAk6W , 2017.
Notary Public
My Commission Expires:
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ACKNOWLEDGMENT
STATE OF ARKANSAS )
)ss.
COUNTY OF PULASKI )
On the eX�f day of 2017, before the undersigned, a Notary Public, duly
Commissioned, qualified and acting, within and for the said county and state aforesaid, personally
appeared, YLD-L6 tL.k , who stated that he/she had executed the forgoing instrument for the
Consideration, uses and purposes therein stated.
In witness whereof, I hereunto set my hand and seal on this !* day of , 2017.
vRA sHa r, _ C�i�[ ? -
Notary Public
My Commission Expires:
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ACKNOWLEDGMENT
STATE OF ARKANSAS )
►ss-
COUNTY OF PULASKI )
On the day of 0kJ MbY 2017, before the undersigned, a Notary Public, duly
commissioned, qualified and acting, within and for the said county and state aforesaid, personally
appeared, SLR, Sh dc)x , who stated that he/she had executed the forgoing instrument for the
consideration, uses and purposes therein stated.
In witness whereof, I hereunto set my hand and seal on this W� 1ay of tM 2017.
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Notary Public
My Commission Expires:
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ACKNOWLEDGMFNT
STATE OF ARI(ANSA5 j
}ss.
COUNTY OF PULASKI }
On the � _
day of A�e mh[Y-, 2017, before the undersigned, a Notary Public, duty
commissioned, qualified and acting, within and for the said county and state aforesaid, personally
appeared, rv&L4- 'MfLvtCn who stated that he/she had executed the forgoing instrument for the
consideration, uses and purposes therein stated.
In witness whereof, I hereunto set my hand and seal on this ae day of 2017.
SFf Notary Public
My Commission Expires:
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