When Lexington Oaks was formed, the Master Homeowners Association (HOA) adopted a set of bylaws. Bylaws are important: They describe how the Association is run, set out voting rights and procedures, and contain rules for such things as how to call a meeting and how often meetings must be held.
The bylaws also describe the HOA’s rights and responsibilities. For example, the HOA is responsible to enforce the rules and regulations and to collect assessments. The bylaws also lay out procedures for creating the annual budget and determining assessment amounts.
The By-Laws establish that the HOA consists of a Board of Directors (a “Board”) made up of seven members (owners) elected by a quorum of the membership at large (at least 10% of all the owners) during annual elections. The bylaws set forth the length of the terms for the Board members and the procedures for elections.
It is helpful for an owner or potential buyer to review the bylaws to understand how the HOA functions and to be familiar with the powers of, and the restrictions on the HOA. It is essential for a flourishing community to maintain a viable, well-functioning HOA to ensure established standards will be upheld after you have made your purchase here.