|RE: lenders & bylaws||<– Date –> <– Thread –>|
|From: Rob Sandelin (robsanmicrosoft.com)|
|Date: Mon, 20 Jun 94 10:28 CDT|
How you choose to govern your community is up to you. It doesn't have to be in the bylaws that the banks see, in order for it to be group policy. Be sure to put in language which allows you to adopt "house rules". This way, later, when you discover the agreements you need to live together, you can easily adopt policies as house rules. In our state, our attorney told us that FMNA does not accept consensus as a reasonable decision making structure. So in our bylaws it says 2/3rds majority vote. This is our fall back. Internally we make our decisions by consensus. Since this includes 3/4 majority its OK. We have defined our consensus process in our house rules. The bank never sees these. I would suggest asking your attorney what the banks will go for and sticking with that, knowing that you can change it later internally to meet your own needs. I believe in our state FMNA requires at minimum a 3 person board of President, Secretary and Treasurer. You can more board members as needed and in your bylaws you can give yourself some wiggle room by defining a minimum but not a maximum.
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