BYLAWS OF THE LOMA TOPKIE PROPERTY OWNERS' ASSOCIATION

Including revisions adopted on 11/30/2009

We, the property owners of Loma Topkie Subdivision, Yavapai County, Arizona, for the purpose of establishing a common union to be known as "Loma Topkie Property Owners Association", do hereby establish and decree this governing charter.

1. FUNCTION

   The function of this association is to deal with such problems as may exist or which may develop within Loma Topkie Subdivision and to maintain a unified body to encourage city, county and utility organizations to provide Loma Topkie with optimum services. A further function will be to encourage adherence to the deed restrictions, make necessary improvements to the subdivision and to insure that it is properly maintained.

2. STRUCTURE

   The association shall be structured as follows:

   1. There shall be one voting representative from each lot who must be a Loma Topkie lot owner. All other title holders shall be members without voting privileges.
   2. Each parcel, as defined by the recorded plat map of Loma Topkie Subdivision is permitted one representative to the association. This person must be a title-owner of the parcel. Upon the sale of a parcel, the responsibility of ownership representation must be transferred to the new title-owner.
   3. There shall be four officers: president, vice-president, secretary and treasurer. The term of office shall be two years.
   4. The function of the president shall be to arrange and officiate at association meetings and organize committees as required for the resolution of association approved undertakings.
   5. The function of the vice-president shall be to assist the president in carrying out his or her official duties.
   6. The function of the secretary shall be to compile and record the association business presented at official meetings and to maintain documentation of the association's business. These duties will include responsibility for all correspondence.
   7. The function of the treasurer shall be to collect all dues and assessments that may be decided by a majority vote of all property owners, pay bills and keep the financial records of the association.
   
   
3. MEETINGS

   The association's meetings shall conform to the following:

   1. Meeting coordination shall be the responsibility of the president.
   2. Property owners must be apprised of a proposed meeting and sent an agenda of the meeting in advance.
   3. A quorum of five voting members will be required to transact association business.
   4. Decisions shall be passed only by a conforming vote of at least five voting members. Members may vote by telephone, email, or by written proxy when they cannot be present. Each action recorded shall list the vote of each property owner.
   5. A minimum of one meeting each year must be held to maintain this association as a legal body.
   
   
4. FUNDS

   Periodically, funds shall be required to complete tasks generated by the association. These are to be governed as follows:

   1. Funding shall be shared equally by property owners.
   2. Expenditure of funds shall require approval by the majority of property owners.
   3. Funds shall be maintained in a local bank. Disbursements shall require two signatures for amounts over $500. All officers shall be authorized signatories.
   
   
5. ARCHITECTURAL CONTROL

   A committee for architectural review shall be elected by a majority vote of the property owners. This committee, comprising at least two property owners, shall decide on the acceptability of all permanent structures as defined in the deed restrictions. Variations may be approved by a majority vote of the property owners.

6. GENERAL
   1. Lot owners shall be held responsible for the actions of anyone who might occupy their parcel as a tenant.
   2. There shall be annual membership dues for the Loma Topkie Property Owners' Association. The rates and method of application are to be determined from time to time.
   
   
7. AMENDMENTS TO BYLAWS

   These Bylaws may be amended by a majority vote of the Loma Topkie Property Owners provided that such proposed action is included in the meeting agenda and the proposed changes are provided in writing to owners when or before the agenda is released.