For a copy of the Declaration please contact Ryan Whiteneck at 719-332-3689 or email at ryan.whiteneck@gmail.com
BYLAWS KINGS RIDGE CONDOMINIUM ASSOCIATION, INC.
(a Colorado Nonprofit Corporation)
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Article I NAME AND OFFICES
Section 1. Name. The name of the corporation is Kings Ridge Condominium Association, Inc. (the "Association").
Section 2. Offices. The principal office of the Association shall be in the Town of Breckenridge, State of Colorado. The Association may also have offices at such other places as the Board of Directors may from time to time determine or the business of t1: : Association may require.
Article II PURPOSE AND POLICY
Section 1. Purpose. The purpose of the Association is to serve as the condominium unit owners' association for the Kings Ridge Condominiums in accordance with the Articles and Bylaws of the Association, the Declaration of Condominium of the Kings Ridge Condominiums (the "Declaration"), and the provisions of C.R.S. $$ 38-33.3-101, et seq. and other applicable law.
Article III MEMBERSHIP
Section 1. Requirements for Membership. The members of the Association shall consist of the owners of the Kings Ridge Condominiums established under the Declaration.
Section 2. Voting. Each member shall be entitled to one vote for each condominium unit owned by such member.
;
If a condominium unit is owned by more than one person, all such persons together shall constitute one member. The presence at a meeting of any such person shall be accepted as the presence of the member, and shall revoke a proxy issued by any or all of such persons upon
to the person presiding over the meeting of such revocation; all such persons jointly shall have the one vote allocated to the unit owned by them, which vote may be cast by any or all of them; notice to any of them shall constitute notice to all; and any of them, but not more than one of them, may be elected as a Director or Officer of the Association.
If a member of the Association is a corporation, partnership, limited liability company,
1 authorized representative of the member, acting pursuant to a proxy of the member, may cast the vote of such member on the matters specified by such proxy. An authorized representative of any such corporation, partnership, limited liability company, or other entity which is a member of the Association may serve on the Board or any committee thereof,
or as an officer of the Association, and may act in any other capacity to the same extent and in the same manner as an owner who is a natural person.
Section 3. Termination of Membership. The membership of any person or entity in the Association shall terminate upon the valid sale or transfer of the condominium unit(s) owned by such member. The provisions of this Section shall not apply to the transfer by an owner of the owner's unit as security for a loan or other financial accommodation granted to the owner and secured by a deed of trust or mortgage on the owner's unit.
Article IV MEETINGS OF MEMBERS
Section 1. Place of Meeting. Meetings of members shall be held at the principal offices of the Association, or such other place as is designated in the notice of the meeting or in the consent to the holding thereof executed by the members.
Section 2. Annual Meeting. An annual meeting of members, beginning with the year 1997, shall be held in November of each year at such time and at such place as shall be designated in the notice of the meeting, at which the members shall elect Directors and may transact such other business as may properly be brought before the meeting. Failure to hold the annual meeting at the designated time shall not work a forfeiture or dissolution of the Association.
Section 3. Annual Statement. A full and true statement of the affairs of the Association shall be submitted at the annual meeting and shall be filed within 20 days thereafter at the principal office of the Association. Such statement shall be prepared by the Secretary or such other executive officer as may be designated by the Board,
Section 4. Special Meetings. At any time in the interval between annual meetings, special meetings of the members may be called by the President, or by a majority of the Board. Upon a request in writing, delivered to the President or Secretary or any Director, of 20 percent or more of the members, it shall be the duty of the President, Secretary or Director to call forthwith a meeting of the members. Such request shall state the purpose or purposes of the proposed meeting, No business shall be transacted at a special meeting except that named in the notice of such meeting.
Section 5. Notice of Members' Meeting. Written notice stating the place, day, and hour of the meeting and, in the case of a special meeting or an annual meeting at which business requiring special notice is to be transacted, the purpose or purposes for which the meeting is called and the business proposed to be transacted at the meeting, shall be delivered not less than 10 days nor more than 50 days before the date of the meeting, either personally or by mail, to each member. If mailed, such notice shall be deemed to be delivered when deposited in the U.S. mail, postage prepaid, addressed to the member at his address as it appears on the records of the Association. The failure of any member to receive notice of any annual or special meeting of
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the members shall not invalidate any action which may be taken by the members at any such meeting.
Section 6. Quorum. Unless a larger number is specified in these Bylaws or in the Declaration, ten (10) members of the Association, present in person or by proxy, shall constitute a quorum for the transaction of business. If less than a quorum is present at a meeting, a majority of those present in person may adjourn the meeting from time to time, provided that the Secretary shall notify all members of the time and place of such adjourned meeting. At any such adjourned meeting at which a quorum is present any business may be transacted which might have been transacted at the originally scheduled meeting.
Section 7. Voting. Each member shall be entitled to one (1) vote for each condominium unit owned by such member. All questions shall be decided by a vote representing the majority of the members voting thereon, except as otherwise provided by law, these Bylaws, or the Declaration. Except as otherwise specified by these Bylaws or the Declaration, voting shall be by voice, but the chairperson or any member present may require a show of hands or a standing vote, while one-third of the members present in person or by proxy may require a secret ballot. An accredited proxy holder shall not be denied the right to vote such proxy.
Section 8. Record Date. The Board of Directors is authorized to fix a date not less than 20 or more than 30 days preceding the date of any members' meeting as a record date for determination of members entitled to notice of and to vote at such meeting, and only members of record on such date, when fixed as herein provided, shall be entitled to notice of and to vote at such meeting.
Section 9 Proxies. A member may vote by proxy executed in writing by the member. Such proxy shall be filed with the Secretary at least 5 days before the meeting.
If only one of multiple owners of a condominium unit is present at a meeting, such owner
the vote allocated to that unit. If more than one of the multiple owners are present, the vote allocated to the unit may be cast only in accordance with the agreement of a majority in interest of the owners. There is a majority agreement if any one of the multiple owners cast the vote allocated to that unit without protest being made promptly to the person presiding over the meeting by any of the other owners of the unit. If a unit is owned by more than one person, any owner of the unit may vote or register protest to the casting of the vote by the other owners of the unit.. :
A unit owner may not revoke a proxy given pursuant to this section except by actual notice of revocation to the person presiding over the meeting. A proxy is void if it is not dated or purports to be revocable without notice. A proxy terminates 11 months after its date, unless it provides otherwise,
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Section 10. Matters Submitted in Writing. The following matters shall be submitted in writing to the members in advance of any members' meeting whenever they are to be brought before any meeting for action:
(a)
Election of Directors;
Amendment of the Articles of Incorporation;
Amendment of the Bylaws;
(d)
Matters which are the subject of the call of special meetings;
(e) Any matter upon which a vote of a fixed or specified proportion or percentage of the members is expressly required by these Bylaws, the Declaration, the Articles of Incorporation, or by law;
(f) Matters whether in the form of a question, motion, or resolution which are presented to the Board by petition of 3 or more members not later than 20 days preceding the date of any members' meeting; provided that for such submission each such matter shall be stated in not more than 200 words;
(g)
Removal of directors and officers;
(h)
Appeals from actions by the Board as provided for in these Bylaws;
(i)
Any other matters which the Board may wish to submit in this manner.
Inlar
Section 11. Order of Business. The order of business at the annual meeting of the members and, so far as appropriate, at all other meetings of the members, shall be essentially as follows:
(a)
Determination of a quorum;
(b) Reading of the notice of the meeting, or due publication or mailing thereof, and of waivers thereof;
(c) Reading of unapproved minutes of previous meetings of the members and the taking of necessary action thereon;
(d)
Presentation and consideration of reports of officers and committees;
Election of Directors;
Election of committees;
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(g)
Unfinished business;
New business;
Adjournment.
Article V BOARD OF DIRECTORS
Section 1. General Powers. The business and affairs of the Association shall be managed by a Board of Directors which shall exercise all the powers of the Association except as such as are by law, the Articles of Incorporation, the Declaration, or these Bylaws conferred upon or reserved to the members. All Directors must be members of the Association, provided, however, that an authorized representative of any corporation, partnership, limited liability company, or other entity which is a member may serve on the Board or any committee thereof, and may act in any other capacity to the same extent and in the same manner as an owner who is a natural person.
Section 2. Number of Directors and Terms of Office. The persons named as Directors in the Articles of Incorporation shall compose the Board until the first annual meeting or until their successors have been elected and qualified. At the first annual meeting there shall be elected 5 Directors, 3 to serve until the next annual meeting and 2 to serve until the annual meeting after the next one. Thereafter, all Directors shall be elected for 2 year terms. Directors shall serve until their successors have been elected and qualified, unless removed earlier by the members.
Section 3. Nominations. Not less than 40 days nor more than 60 days before a meeting at which Directors are to be elected, the President may appoint a nominating committee of three or more members, none of whom is a Director. The committee shall prepare and report to the President a list of nominees not less than 30 days before the members' meeting. The President shall cause any such list of nominees to be posted in the principal and other offices of the Association immediately. Any 3 or more members may, by written petition, nominate a candidate not less than 20 days before the meeting. Such nominations shall be posed by the Secretary together with the committee's nominations. The Secretary shall mail with the notice of the meeting a statement of the number of Directors to be elected and the names of the candidates, listing separately the nominations of the committee and those made by petition, if any. The Secretary shall mail to all members an updated list identifying any additional candidates nominated not later than 15 days prior to the meeting. The chairman shall invite additional nominations from the floor at the meeting and nominations shall not be closed until at least one minute has passed during which no additional nominations have been made.
Section 4. Election of Directors. Directors shall be elected by secret ballot. At the first annual election, the successful nominees having the highest number of votes shall be elected for the two year terms.
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Section 5. Removal of Directors by Members. At any regular or special meeting of members duly called, of which notice has been duly given, any Director may, by vote of a majority of all the members or by a two-thirds vote of the members present in person or by proxy, whichever is less, be removed by office with or without cause. If removal is sought for cause, the Director shall be informed in writing of the cause(s) for which such Director's removal is sought at least 10 days prior to the meeting of the members at which the Director's removal to be considered, and shall have an opportunity at the meeting to be heard in person or by counsel and to present evidence; and the person or persons seeking such Director's removal shall have the same opportunity. Any vacancy created by such a removal may be filled by vote of the members at such meeting without compliance with the foregoing provisions with respect to nominations or the following provision with respect to vacancies..
Section 6. Vacancies. Subject to the provisions of the preceding section with respect to the filling of vacancies caused by the removal of Directors by members, a vacancy occurring in the Board shall be filled by the affirmative vote of a majority of the remaining Directors, whether or not they constitute a quorum, until the next annual meeting, when the members shall elect a Director to serve for the remainder of the unexpired term, if any..
Article VI MEETINGS OF THE BOARD
Section 1. Regular Meetings. A regular meeting of the Board shall be held without notice immediately after and at the same place as the annual meeting of the members. A régular meeting of the Board shall also be held at least quarterly at such time and place as the Board may provide by resolution. Such regular meetings may be held without notice other than the resolution fixing the time and place thereof.
Section 2. Special Meetings. Special meetings of the Board may be called by the President or by any 2 Directors, and it shall thereupon be the duty of the Secretary to cause notice of such meeting to be given to each Director at least 2 days before the meeting. The President or the Directors calling the meeting shall fix the time and place for the holding of the meeting. Any action taken at a special meeting which was not specified in the notice of the meeting shall be subject to ratification at the next regular meeting, unless the Directors not present at the special meeting shall have signed a waiver either before or after the special meeting.
Section 3. Voting. At all meetings of the Board of Directors a majority of the Board of Directors shall constitute a quorum for the transaction of business. The act of the majority of the Directors present when there is a quorum shall be the act of the Directors.
Section 4. Action Without Meeting. Any action which might be taken at a meeting of the Board of Directors may be taken without a meeting if a consent in writing, setting forth the action taken, is signed by all of the Directors entitled to vote.
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Article VII OFFICERS
Section 1. Number. The officers of the Association shall be a President, Vice President, Secretary, and Treasurer. The offices of Secretary and of Treasurer may be held by the same person, but such person shall not execute, acknowledge, or verify any instrument in more than one capacity if such instrument is required by statute, these Bylaws, the Declaration, or resolution of the Board to be executed, acknowledged, or verified by two or more officers. The offices of President and Secretary shall not be held by the same person. All officers must be members of the Association, provided, however, that an authorized representation of any corporation, partnership, limited liability company, or other entity which owns a unit may serve as an officer of the corporation to the same extent and in the same manner as an owner who is a natural person.
Section 2. Election and Term of Office. The officers specified above shall be elected annually by the Board at its meeting held immediately after the annual meeting of the members. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as convenient. Each officer shall hold office until the first meeting of the Board following the next succeeding annual meeting of the members or until his successor shall have been elected and qualified. A vacancy in any office shall be filled by the Board for the unexpired portion of the term.
Section 3. Other Officers and Agents. The Board may appoint such other officers and agents, including but not limited to a managing agent, as it shall deem necessary or advisable, who shall hold their offices for such terms, and shall exercise such powers and perform such duties, as shall be determined from time to time by the Board. The Board may from time to time authorize an executive committee or any officer to appoint and remove subordinate officers and agents and prescribe their duties.
Section 4. Compensation. The salaries and compensation of all officers and agents of the Association shall be fixed from time to time by the Board, except that no Director nor any relative of a Director shall receive compensation for serving the Association in any capacity, unless the payment and the amount of such compensation shall be specifically authorized by a vote of the members.
Section 5. Bonds of Officers and Agents. The Treasurer and any other officer or agent of the Association charged with responsibility for the custody of any of its funds or property shall give bond at the expense of the Association in such sum and with such surety as the Board shall determine. The Board may also require any other officer, agent, or employee of the Association to give bond at the expense of the Association in such amount and with such surety as it shall determine.
In the event the Board hires and appoints a managing agent to collect, deposit, transfer or disburse funds of the Association, at a minimum the managing agent shall (1) maintain fidelity
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insurance coverage or a bond in an amount not less than $50,000.00, or such higher amount as the Board may require; (2) maintain all funds and accounts of the Association separate from the funds and accounts of other associations managed by such managing agent, and shall maintain all reserve accounts of the Association separate from operational accounts, and (3) prepare and provide an annual accounting for Association funds and a financial statement to the Board.
Section 6. Removal of Officers and Agents. Any officer or agent of the Association may be removed by the Board whenever in its judgment the best interest of the Association will be served thereby. In addition, any member of the Association may seek the removal of an officer for cause by filing with the Secretary in writing the cause(s) for which such removal is sought together with a petition signed by 20 percent or more of the members. The officer whose removal is sought shall be informed in writing of the cause(s) for which such removal is sought at least 10 days prior to the Board meeting at which the officer's removal is to be considered, and shall have an opportunity at the meeting to be heard in person or by counsel and to present evidence; and the person or persons seeking such officer's removal shall have the same opportunity. In the event the Board does not remove such officer, the question of his removal shall be considered and voted upon at the next meeting of the members., An officer may be removed by an affirmative vote of a majority of the members, or two-thir present and voting in person or by proxy, whichever is less.
Section 7. President. The President shall be the principal executive officer of the Association and, unless otherwise determined by the Board, shall preside at all meetings of the members and of the Board. In general, the President shall perform all duties incident to the office of President and such other duties as may be prescribed by the Board from time to time. The President shall have the authority to sign all contracts and other instruments on behalf of the Association, except as such authority may be restricted by the Declaration or the resolutions of the Board of Directors adopted from time to time.
Section 8. Vice President. In the absence of the President, or in the event of his inability or refusal to act, the Vice President shall perform the duties of the President, and when so acting shall have all the powers of and be subject to all the restrictions upon the President. The Vice President shall also perform such other duties as from time to time may be assigned to him by the Board or the President,
Section 9.
Secretary. The Secretary shall:
.
.
(a) 'Keep the minutes of the meetings of the members, of the Board, and of the executive committee, if any, in one or more books maintained for that purpose;
(b) See that all notices are duly given in accordance with these Bylaws, the Declaration, or as required by law;
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(c) Maintain custody of the corporate records and of the seal of the Association which shall be affixed to such instruments as may require the seal to be affixed thereto and attested by the Secretary's signature or that of the Treasurer;
(d)
Keep a register of the names and mailing addresses of all members;
(e) With the President, sign certificates of membership, the issue of which shall have been authorized by the Board or the members;
(1) Keep on file at all times a complete copy of the Articles of Incorporation, Bylaws, and Rules and Regulations of the Association, and the Declaration, together with all amendments thereto;
(g) In general, perform all duties incident to the office of Secretary and such other duties as may be assigned by the Board from time to time.
Section 10.
Treasurer. The Treasurer shall:
(a) Association;
Have charge and custody of and be responsible for all funds and securities of the
(b) Be responsible for the receipt of and the issuance of receipts for all monies due and payable to the Association and for the deposit of all such monies in the name of the Association in such bank or banks as shall be selected in accordance with the provisions of these Bylaws;
Keep full and accurate financial records of the receipts and disbursements of the
(c) Association;
(d) In general, perform all the duties incident to the office of Treasurer and such other duties as may be assigned by the Board from time to time.
Article VIII INDEMNIFICATION OF DIRECTORS AND OFFICERS OF THE ASSOCIATION
i. The Association shall indemnify and hold harmless each person who shall serve at any time as a director or officer of the Association from and against any and all claims and liabilities: to which such person shall become subject because he is or was a director or officer of the Association, or by reason of any action alleged to have been taken or omitted by him as a director or officer, and shall reimburse each such person for all legal and other expenses reasonably incurred by him in connection with any such claim or liability, to the full extent permitted or required by applicable law. The rights accruing to any person under this article shall not exclude any other right to which he may be lawfully entitled, nor shall anything herein
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contained restrict the right of the Association to indemnify or reimburse such person in any proper case even though not specifically provided for herein.
Article IX FINANCIAL TRANSACTIONS
Section 1. Contracts. Except as otherwise provided in the Declaration or these Bylaws, the Board may authorize any officer or officers, agent, or agents to enter into any contract or execute and deliver any instrument in the name and on behalf of the Association, and such authority may be general or confined to specific instances...
Section 2. Signing of Checks, Etc. All checks, drafts, or other orders for payment of money, and all notes, bonds, or other evidence of indebtedness issued in the name of the Association shall be signed by such officer or officers, agent or agents, employee or employees of the Association and in such manner as shall be determined by resolution of the Board from time to time.
Section 3. Deposits. All funds of the Association shall be deposited to the credit of the Association in such bank or banks as the Board may designate from time to time.
Section 4. Fiscal Year. The fiscal year of the Association shall begin on the first day of January and shall end on the 31st day of December of each year,
Article X BOOKS AND RECORDS; INSPECTION
Section 1. Books and Records. The Board of Directors shall cause to be maintained at the principal office of the Association complete books of account of the affairs of the Association.
Section 2, Inspection. The Association's books of account shall be open to inspection upon the written request of any member, or of the holder of a first deed of trust on any unit, and shall be exhibited to such owner or holder during regular business hours upon 10 days prior notice to the Secretary or the Board of Directors. Such inspection may be made in person, or by agent or attorney, and the right of inspection includes the right to make extracts or perform audits. All of the foregoing shall be at the expense of the inspecting party. Any member or holder of a first deed of trust on any unit upon written request delivered personally or by certified, postage prepaid first class mail, receipt requested, to the Association's registered agent or the Treasurer, shall be furnished a statement setting forth the amount of unpaid assessments or other charges attributable to the member and the member's unit. One such statement shall be furnished to any member or holder without charge during any 12 month period; the Association : may assess a reasonable fee for the second and any subsequent statements requested during a 12 month period for any unit.
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Section 3. Budget. The Board of Directors shall hold a meeting before the end of each fiscal year of the Association at which it shall adopt a proposed budget for the next fiscal year. Within 30 days after the adoption by the Board of the proposed budget, the Board shall mail by ordinary first class mail, or otherwise deliver, a summary of the budget to all of the members and shall set a date for a meeting of the members to consider ratification of the budget not less than 14 days nor more than 60 days after mailing or other Unless 60% or more of the members present at the meeting reject the budget, the budget shall be deemed ratified, and for this purpose a quorum of the members is not required to be present. In the event that the proposed budget is rejected, the budget last ratified by the members shall be continued until such time as the members ratify a subsequent budget proposed by the Board.
The Board of Directors, if it deems the same necessary for the payment of the common expenses of the Association, may propose amendments to the existing budget, or the adoption of a new budget, at any time during any fiscal year. Any amendment, or new budget, proposed by the Directors shall be ratified by the members in accordance with the procedures contained in this section.
The budgets so adopted shall be used as the basis for the assessments authorized by the Declaration.
Article XI MISCELLANEOUS
Section 1. Rules and Regulations. The Board shall have power to make and adopt such rules and regulations, not inconsistent with law, the Articles of Incorporation, the Declaration, or these Bylaws, as it may deem advisable for the management of the business and affairs of the Association.
Section 2. Seal. The corporate seal of the Association shall be in the form of a circle and shall have inscribed thereon the name of the Association, the year of its organization, and the words "Corporate Seal".
Section 3. Waiver of Notice. No notice of the time, place, or purpose of any meeting of members or Directors, whether prescribed by statute, by the Articles of Incorporation, the Declaration, or by these Bylaws, need be given to any member who attends in person, or to any member or Director who, in writing executed and filed with the records of the meeting either before or after the holding thereof, waives such notice.
Section 4. Annual Audit. The Board shall, after the close of each fiscal year, cause a full and complete audit of the books, accounts, and financial condition of the made. The results of the audit shall be submitted to the members at the annual meeting. Such · books and accounts of the Association shall be made and maintained in accordance with generally accepted accounting principles.
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Section 5. Interpretation. Headings are descriptive and not intended to affect interpretation of the contents which follow them. Use of the masculine pronoun shall be interpreted to include men and women alike.
Article XII AMENDMENTS
Section 1. Bylaws. These Bylaws may be altered, amended, or repealed, or new Bylaws may be adopted, by resolution of the Board of Directors. A resolution to alter, amend or repeal these Bylaws, or adopt new Bylaws, also may be submitted to the members, upon the request of 20% or more of the members entitled to vote thereon, at any regular or special meeting of the members if the notice of such meeting shall have contained a copy of the proposed alteration, amendment, or repeal, or new Bylaws. No provision requiring a specified number or percentage of votes of the members may be changed by a lesser vote, nor may any change which is not proposed or endorsed by the Board of Directors be made unless such change receives the affirmative vote of a majority of the members. No Bylaw shall be amended, nor shall supplemental Bylaws be added hereto, which shall be in conflict with the statutes of the State of Colorado, the Declaration or the Articles of Incorporation.
Section 2. Articles of Incorporation. The Articles of Incorporation of the Association may be amended upon resolution of the Board of Directors and submission to a meeting of the members where it is approved by a vote of two-thirds of the members present at the meeting in person or by proxy. A resolution to amend also may be submitted to the members upon the request of 20 percent or more of the members entitled to vote thereon. No amendment to the Articles of Incorporation shall be adopted which shall be in conflict with the statutes of the State of Colorado or the Declaration,
Section 3. Declaration. The Declaration may be amended only in accordance with the provisions of the Declaration. Any amendment to the Declaration shall be executed by the President of the Association, and attested by the Secretary of the Association, certifying that the amendment has been adopted as required by the Declaration.
(BEAVER RUN APARTMENTS)
(HOUSE RULES)
These rules and regulations have been adopted by the King’s Ridge Condominium Association, Inc., in accordance with the Declaration of the Association. Each unit owner is responsible for compliance with these rules and regulations by the owner, and the owner’s family, guests, invitees, agents, employees, licensees and tenants. Each unit owner shall provide a current copy of these rules and regulations to the tenants, if any, who occupy the owner’s unit.
Dog owners are responsible for properly disposing of solid dog waste. Kings Ridge Condominium Association will provide containers with disposable plastic bags for this purpose. All waste must be disposed of in the dumpster. All dogs are required to be on a leash at all times while on Kings
Ridge property.