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Bi-Laws

Lake Reality Homeowners Association
By-Laws and Resolutions
April 2013
(Revised March 2021)
 
Article 1. Name
The name of the association shall be the Lake Reality Homeowners Association, hereinafter the Association.
 
Article 2. Purpose
The purpose of this Association shall be to promote social activities among its members, to establish, maintain and operate recreational facilities for its members, to promote and accord goodwill and harmonious relationships throughout the Association, to maintain, govern and improve the Association‘s properties, such as the Lake, clubhouse, playgrounds, and beach, and pay the taxes thereon, and maintain adequate insurance coverage on all Association facilities and properties, and to provide a forum for the organized discussion of community affairs.
 
Article 3. Membership
There shall be three (3) classes of membership:  Resident – Active; Resident – Social; and Associate.
 
  1. Resident – Active Members (residing in Lake Reality/Arbor Estates) are those members in good standing for less than 5 years or any member with children under the age of 18, who own, lease, or are under contract to purchase real property within Lake Reality/Arbor Estates, as described in the Borough of Kinnelon maps and the three (3) parcels designated as Block 58, Lots 60, 61 and 62, and who make written application to the Secretary or Membership Chair of this Association.
  2. Social Members are those members in good standing who own real property within Lake Reality/Arbor Estates, as described in the Borough of Kinnelon maps and the three (3) parcels designated as Block 58, Lots 60, 61 and 62, who have been members in good standing for a minimum of 5 consecutive years, who have no children under the age of 18 residing in the Lake Reality/Arbor Estates home as of January 1 of that year, and who make written application to the Secretary or Membership Chair of this Association.
  3. Associate Members are those members who in good standing have joined the Association for a period of one (1) year by making written application to the Secretary or Membership Chair.  Associate members must be residents of Kinnelon at the time of their first application for membership. Resident and Associate members who move from Kinnelon may continue as Associate members in subsequent years. Membership must be reapplied for annually.  Membership is on a space available basis, and total membership will be at the sole discretion of the Board. 
 
  1. Members in good standing shall be defined as Resident – Active Members, Resident – Social Members, or Associate Members who have paid their dues and assessment and surcharges promptly and in full and who abide by the By-Laws and Rules of the Association.
 
  1. A Resident – Active Member has the right to transfer the unexpired portion of their annual membership to a subsequent purchaser of the real property located in Lake Reality.
 
Article 4. Meetings
  1. Semi-annual General Meetings of the Association shall be held during the months of April and September in the clubhouse or other place as designated by the Officers.
  2. Special meetings may be called by the Secretary, on the advice and approval of the President.
  3. Notice of meetings may be by U.S. mail, e-mail, telephone and/or by posting of a notice at the Lake clubhouse bulletin board.
  4. Each member family is entitled to cast one vote for the election of each officer and trustee and one vote at any meeting regarding assessments referenced in Article 9(d).
 
Article 5. Officers and Trustees
The elected officers of this Association shall be a President, Vice-President, Secretary and Treasurer.  In addition, there shall be five (5) elected Trustees.  The Officers and Trustees shall form the Board and are vested with the management of the Association.  Officers and Trustees are voting members of the Board. The President must be a Member in good standing for a minimum of two (2) years prior to election to that position.  All other officers and Trustees must be Members in good standing for one year prior to election to a Board position.  No more than four (4) of the Officers and Trustees shall be Associate Members.  Resident – Social Members are eligible for Board positions.  All Officers and Trustees will serve two (2) year terms and will be elected by acclamation or closed ballot by a simple majority of members attending the September General Meeting in odd number years.
 
Candidates for positions as Officers or Trustees may be:
(a)        Nominated by the Nominating Committee: or
(b)        Submitted to the Nominating Committee by any Member of the lake association in good standing             at least 30 days prior to the general meeting in which the election will take place.
 
All candidates as described in (a.) and (b.) who are members in good standing shall be presented to the membership as candidates for election.
 
An officer or trustee may be removed from the Board due to dereliction of duties by vote of the majority of the Board.
 
A replacement to serve the remainder of any term not fulfilled by a Board member must be provided by the Nominating Committee and approved by a majority of the Board.
 
Article 6. Duties of the Board
It shall be the duty of the Board to carry out the purpose of this Association as stated in these By-Laws and to consider and transact the business of the Association in the best interest of the Association and its membership.
 
The President shall preside over all Board Meetings, General Membership Meetings, and Special Meetings.  He/she shall be exempt from dues during his/her term.
 
The Vice-President shall assume the duties of the President in his/her absence.  In the event of the resignation of the President, he/she shall perform the duties of that office.
 
The Secretary shall keep minutes of the meeting and handle all correspondence including publication of the agenda prior to General Meetings. The Treasurer, under guidelines established by the Board, shall be responsible for all funds, banking, collection, and disbursement of funds.
 
The Trustees shall assist the Officers of the Association as directed by those Officers and each trustee shall chair a committee as listed in Article 7.
 
Article 7. Committees
The standing committees of the Association shall be:
(a)        Financial                                 Chair – Treasurer
(b)        Social                                      Chair – Trustee
(c)        Membership                            Chair – Trustee
(d)       Nominating                             Chair – President, committee must also include 2 other non-Board  association members.
(e)        Grounds                                  Chair – Vice President
(f)        Life Guards                             Chair – 2 Trustees
(g)        Capital Improvements            Chair – 2 Trustees
 
Additional committees may be established by the Board.
 
Committee chairs shall be appointed by the Board, and committee members will be chosen by the committee chair with approval by the Board.
 
Article 8. Fiscal Year
The fiscal year of the Association shall run concurrently with the calendar year, January 1st through December 31st.
 
Article 9.  Dues
  1. The annual dues of this Association for Resident – Active members and Associate members shall be $400; Social members‘ dues shall be $125.   A $200 capital improvement/repair/maintenance surcharge also applies to all memberships. All dues and surcharges may be amended from time to time at the sole discretion of the Board.
 
  1. A one-time initiation fee of $300, which may be amended from time to time at the sole discretion of the Board, shall be due from first-time members upon initial application.
  2. Annual dues must be paid in full by April 30th of each year.
  3. Additional assessments shall be proposed by the Board from time to time, and the membership shall vote on such additional assessments.  Such additional assessments shall be effective upon the approval of fifty-one (51) percent of all present at the meeting and casting votes.
  4. Any member failing to pay annual dues and/or assessments within thirty (30) days of April 30th shall be subject to revocation of membership.  Any membership becoming available will be offered to the next family on the waiting list.
  5. The Board may, at its discretion, waive the dues/assessments or a portion thereof for a calendar year for any member otherwise in good standing with a proven hardship upon request by that member.

 
Article 10. Amendments
The By-Laws may be amended by a two/thirds vote of the Members present at any General Meeting or special meeting.  Any proposed amendment or revision must be mailed to the membership at least 10 days prior to the meeting date.
 
Article 11. Rules
All Members shall abide by the Lake Rules as determined by the Board.  Failure to abide by the Rules will result in suspension or termination of membership and its privileges and any such action is at the sole discretion of the Board. Membership in this paragraph shall mean the household membership. Any such suspension or termination of membership shall include the loss of any membership dues paid to date. Anyone whose membership is suspended or terminated under this provision shall be barred from using the lake in any way. Any member suspended shall be reinstated after the requirements set by the Board are met.