Included in the latest ACHOA responses to homeowners (see yesterday’s post) on the first two pages is this Chronology of events pertaining to the bankruptcy of the ArrowCreek Country Club and FOA and ArrowCreek HOA Board of Directors (BOD) actions since then. It needs its own recognition on ArrowCreek411 for easy reference.
CHRONOLOGY/STATUS OF COMMUNITY CLUB CONCEPT
(as of May 15, 2015)
*** Updated documents with June 1, 2015 dates are here. ***
The Feb-June 2014 summary is incorrect. To ENCUMBER the ACHOA for a purpose NOT defined in the Articles of Incorporation requires a 2/3 voter approval. The citation is “The corporation shall have perpetual existence. Members of the corporation shall not be liable for payment of any corporate debts of any nature whatsoever nor shall any of the property of the members be subject to the payment of corporate debts to any extent whatever, except to the extent valid and proper assessments for corporate purposes provided herein create such liability or subject members’ property to assessment liens.” Since the golf course is NOT one of the documented purposes of the ACHOA, Article IV, a thru d. Hanging the organizations hat on the phrase in paragraph d, “The Association my have purposes other than those specified here-in, but shall expressly be prohibited from representing the lot owners and residents within the subdivision on issues of land use, planning, municipal annexation, master plan amendments, growth, area development, or similar matters.” The purpose of the subject acquisition has not been articulated to the association nor has it been incorporated into the articles. The meaning of these articles is clear. Unless our purposes have been altered, no debt shall be taken-on by the members of the ACHOA Corporation other than that needed to fulfill Article IV.