ByLaws of The

Sunset Lake Association

  ARTICLE  I  -  NAME, PURPOSE & SEAL

SECTION 1.  The name of this Corporation shall be Sunset Lake Association and its principal office shall be located at the Community Center. 

SECTION 2. The purpose of the Sunset Lake Association is to create and preserve a recreational and residential facility for the benefit of the Association members. 

SECTION 3.  The Seal of the Sunset Lake Association shall be circular in form and around the rim and middle there shall be inscribed the words:  "Sunset Lake Association, Girard, Illinois."

ARTICLE  II  -  MEMBERSHIP

SECTION 1.  A.  Class "A" Membership shall be open only to those who have executed a valid lease with the Sunset Lake Association, and;

        1.  Only Class A members shall be entitled to vote at Annual and Special meetings of the membership and shall be entitled to one vote per each Membership; 

        2.  Members and their guests shall be entitled to all privileges of the lake as may be determined by the Board; and

        3.  Shall be entitled to hold office in the Sunset Lake Association.

   B.  Class "B" Membership is closed and all outstanding memberships are non-transferable.

        1.  Existing membership and their guests shall be entitled only to boating and fishing privileges, subject to regulations as the Board may enact.;

        2.  Class "B" members shall have no vote except on the subject of assessments of Class "B" memberships.

    C.  Assessment of Members.  Class "A" members may be assessed by the Board of Directors in an amount deemed necessary for the operation of Sunset Lake Association for maintenance of Corporate property, roads, shoreline, lake and any other expenses for the good of the Association.  These shall be budgeted by the Board of Directors, submitted to and approved by a two-thirds (2/3) vote of the members present at a special or annual meeting in person or by proxy after due notice is given as provided in the Bylaws.  These assessments may not be changed by the Board of Directors.   

    D.  Transfer of Membership.  Class "A" Membership may be transferred by a majority vote of the Board of Directors present at any meeting at which said application is considered. 

SECTION 2.   Power to create New Memberships.  The Board of Directors may establish a new membership to accompany a newly executed lease if none is available for transfer. 

ARTICLE  III  -  MEETINGS

SECTION 1.  Annual Meeting.  The annual meeting of the members of the Association shall be held at a convenient location on the Third Thursday of the month of October each year at 7:00 PM for the purpose of electing directors, passage of a budget, and for transacting other business as may come before the meeting.   

SECTION 2.  Special Meetings.  Special Meetings of the members of the Association may be called by the President, by the Board of Directors, or by not less than one-fifth (1/5) of the membership of the Association. 

SECTION 3.  Notice of Meetings to Members.  Written notice stating the place, date and hour of the meeting, and in case of a special meeting, the purpose(s) for which the meeting is called, shall be mailed not less than seven (7) days nor more than twenty (20) days before the date of the meeting to each member.  The Secretary shall include with the letter for the annual meeting a copy of the financial statement of the Association and a copy of the Board of Directors' proposed budget for the ensuing year.

SECTION 4.   Quorum.  At any membership meeting a quorum for the transaction of business shall be deemed to be present when fifteen percent (15%) of the votes entitled to be cast are present.  Voting by written proxy shall be permitted provided that such written proxy is filed with the Secretary of the Association by the time of roll call of the members at the meeting or prior thereof.

SECTION 5.  Proxies.  Members wishing to vote by proxy must give their proxy to a member who is not committed to vote any other proxy, since members attending any Regular or Special meeting may vote only one proxy in addition to such member's own vote, and proxy votes may not outnumber the votes of members present.

ARTICLE  IV  -  BOARD OF DIRECTORS

SECTION 1.  Power of the Board.  The business and affairs of the corporation shall be conducted and managed by its Board of Directors.

SECTION 2.  Establishment of Rules.  The Board of Directors shall have the power to establish rules as deemed necessary or advisable, and may amend or repeal any rule(s).  No new rule(s) or amended rule(s), shall be enforced without giving written notice to all members of the Association.

SECTION 3.  Board Duties.   The Board of Directors shall have the duty, to direct the terms and conditions of the use of  the lake and any property of the Association, to provide for the dividing of the real estate into residential sites, and the terms and conditions thereof.

SECTION 4.  Lake Shore Lease.  The Board of Directors are authorized to make such amendments to any existing Lake Shore Lease and to the form of any future Lake Shore Lease, as will enable the custodian of any such lease to mortgage or pledge the leasehold estate with any bank or any commercial lender, and generally to result in the leasehold estate being the subject matter of transfer, and that the Directors fix the terms of any amendments to existing Leases or new Leases.

SECTION 5.  Board Membership & Terms.  The number of directors shall be nine (9), and each director shall be elected for a term of three (3) years.

SECTION 6.  Vacancies.  Any vacancy occurring on the Board of Directors caused by death, resignation or otherwise shall be so appointed and shall serve only until the next Annual meeting of members, at which time a director shall be elected by the membership to complete the unexpired term, if any, of the director originally elected to that office.