2011 Bylaw Changes

To address member feedback recieved over the past year, the NCHSRC board would like to amend four of the club's bylaws. To do so, we need a 20% vote of our members (approximately 85 votes) at a one time meeting to make any changes. We are holding a meeting at the Memorial Day Party at approximately 2:30pm to hopefully make those changes. A ballot and instructions is attached below if you will not be able to make it.

Updates 2.03 and 2.11 address bylaw changes to allow the sale of a bond with a home with the below caveats.

Updates 5.02 and 5.03 address changes in how the club communicates with members in regards to member voting and communication of special meetings to help minimize expense.

Please contact board@nchsrc.org with any questions.

Member voting can be completed in person at the Memorial Day Party on Monday, May 30th from 1-4 pm or the below attached ballot document may be completed and returned to the clubhouse ballot box any time prior to Monday, May 30 by 4 pm.

Updated 2.03:

2.03 Memberships are not transferable in any way by a member voluntarily or involuntarily except through the “Bond Sale with Home” process. Equity members desiring to convey their bond with the sale of their home must apply and adhere to the “Bond Sale with Home” process as defined and approved by the Board of Directors. All Bond Sale with Home transactions must be approved by the Board. Memberships may only be acquired through and from the Club. The Club may sell memberships for such amounts and on such terms as the Board of Directors establishes from time to time. Every person desiring to become a member must make an application in writing to the Club on a form approved by the Board of Directors. Any application may be disapproved by not less than four Directors at a meeting.

Updated 2.11:

2.11 The Secretary shall maintain a list of persons waiting for Equity memberships in the chronological order of their application for memberships. Equity memberships becoming available shall be offered to persons on the waiting list in the order they appear on the list with three exceptions: (1) any applicant on the list who owns and resides in or who is a bona fide lessee of and occupies a residence in Naper Carriage Hill Subdivision shall have priority over any applicant on the waiting list not residing within said Subdivision, (2) the purchaser of or the bona fide lessee of the Naper Carriage Hill Subdivision residence of an Equity member who sells his or her Equity membership to said purchaser or leases to said lessee shall have priority over any applicant on the waiting list, or (3) the previous bond holder has been approved to use the “Bond Sale with Home” process at the discretion of the Board of Directors. Any Equity membership sold and purchased as described in (2) immediately above must be submitted to Secretary for cancellation pursuant to section 2.10, its redemption Value is the Redemption Value as specified in Section 2.10.

Updated 5.02:

5.02 Prior to the annual meeting of Equity members, the Board of Directors shall appoint a nominating committee consisting of three Equity members of the Club, one of whom shall be a Director. Such nominating committee shall seek to find qualified candidates for directorships and shall nominate such candidates. Fifteen Equity memberships are required to nominate candidates for the Board of Directors. All nominating petitions must be filed with the Secretary at least 30 days prior to the Annual Meeting of Members. At least 15 days prior to the Annual Meeting of Members, the Secretary may email or mail to each membership a Ballot of candidates. If ballots are emailed, they will be emailed to the email address on file with the club. The nominating committee reserves the right to select how members cast their ballots; either via the NCHSRC website or an online survey tool, via email, via mail, in person at the Annual Meeting or hand delivered to the secretary no later than the day of the Annual Meeting. (amended 05/2011)

Updated 5.03:

5.03 Special meetings of the Equity members for a specified purpose may be called at any time by the Board of Directors and shall be called by them on the request in writing of not less than 40 Equity members. Equity members shall be given at least five days notice via email or mail any such special meeting, which notice shall state the specific purpose of such meeting. (amended 05/2011)