I. Purpose - To promote and enhance the Heritage Knolls subdivision of Frankfort for the benefit of the members of the Heritage Knolls Homeowner's Association (The "Association").
II. The following elected officers will govern the Association:
President, Vice-President, Secretary, Treasurer, and Park Coordinator. Each homeowner that is a member of the Association will be eligible to cast a vote at the annual election. In the case of joint ownership, all joint owners will be eligible to cast a ballot. The names as listed on the deeds or beneficial ownership of a land trust will govern eligibility.
III. Terms for each officer will be two years with staggered year elections for the respective offices as follows: The President, Secretary and Park Coordinator will be elected for two year terms in even-numbered years. The Vice-President and Treasurer will be elected for two year terms in odd numbered years. The initial election of Vice President & Treasurer, which will take place in April of 2002, will be for a one year term.
IV. The above five officer board will have authority, through simple majority vote of those in attendance at the scheduled meeting, to determine annual dues of the Association and how funds raised by the Association should be allocated to enhance Heritage Knolls both within the subdivision and Frankfort community.
V. No officers of the Association shall be held personally liable to the Association or it members for any monetary damages except for any acts which involve intentional misconduct and violation of law.
VI. The Board reserves the right to amend these by-laws based upon majority vote of those in attendance at the scheduled meeting. Members of the Association will be notified of such amendment in writing within thirty (30) days of said vote.
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