By-Laws of the Wolf Mountain Property Owners
Association, Inc.
As Amended by vote at Annual Meeting – August 7, 2004

Article I: Organization

1. Name – The name of the nonprofit organization association shall be the “Wolf Mountain Property Owners Association, Inc.” and, for designation purposes, is referred to in the by-laws as the “Association.”

2. Fiscal year – The fiscal year of the Association shall be from January 1 through December 31 of the same calendar year.

3. Purpose – The purpose of the Association is for the protection and promotion of the privileges and interests of its members who are residents and/or owners of property of Wolf Mountain Estates. The Association shall uphold the restrictions of the property owners, as listed in the protective covenants.

Article II: Membership

1. Membership – Includes all property owners in the subdivision known as Wolf Mountain Estates of Murphy, Cherokee County, North Carolina. Membership in good standing continues as long as the individual(s) owns property in Wolf Mountain Estates and pays the annual association fees, and/or special assessments.

2. Fees and Assessments – Each lot owner shall pay to the Association an annual fee that shall be applied by the Association, or its Board of Directors, toward the maintenance of roads, common recreational or other facilities in the subdivision. The Association shall determine the amount of said fees from time to time. The amount of the current fee is $250.00* for each property owner.

Said annual fee and/or any special assessments may be increased or decreased from time to time, as determined by the Association. Said annual fee shall be due and payable on the first day of January, of each new year, for that year. The annual fee for the year of acquisition of a lot shall be prorated based on the fractional portion of the 52 weeks owned. If the annual fee is not paid by January 15, of each year, a late fee of $15.00 will be charged each and every month that the fee is not paid (Also see Liens, Section III, for non-payment.

In addition, there is a $500 road impact fee for each home newly constructed after January 1, 2002.**

4. Membership vote – Each family is entitled to one vote.*

Article III – Organization

1. Board of Directors – The governing body of the Association shall be a Board of Directors, consisting of the seven (7) voting members, specifically the Officers; President, Vice President, Secretary, Treasurer, and three (3) Board Members.

2. Meeting frequency - The Board of Directors shall meet a minimum of four (4) times each calendar year. A quorum, of the Board shall consist of a majority of its members. Board meetings are open to all members of the Association in good standing, but as observers only.

3. Compensation – No salary or other compensation shall be paid any board member or committee member for services performed as such a member.

4. Membership - Only one member of a family may participate on the Board at any one time (as amended by vote at the Annual meeting on 8/7/99).

5. Authority – The Board shall have full authority to act for the membership regarding all policy matters. In addition, the Board will:
a. Recommend annual dues to the membership for their approval at the membership meeting.
b. Make or authorize the purchase of services, material or supplies, and to contract for whatever may be reasonably required in the operation and maintenance of the Association.
c. Annually approve a budget for the maintenance and operation of the Association.

6. Liens – The Covenants and Restrictions that cover Wolf Mountain Estates, and according to law (Article 2, Chapter 44A of the North Carolina General Statues, which allows liens against real property), allow the Association to place a lien against property in which dues and or assessments have not been paid. In addition, the Association will request a Court order to collect Court costs and attorneys’ fees incurred in the connection with collection of the dues and or assessments

Article IV – Officers/Structure

1. President – Shall be Chairman/woman of the Board of Directors. He/she shall be vested with the authority to call meetings of the Board, fill any vacancy on the Board, and preside over the meeting of the Board of Directors and the Annual Meeting of the Association. He/She will also have the authority to enforce all the rules and regulations of the Association.

2. Vice President – Shall assume the duties of the President in his/her absence. In the event that the President does not complete a full term, the Vice President shall assume the Office of President and serve the remainder of that term in that capacity.

3. Secretary – Shall record the proceedings of all meetings, distribute copies of same as appropriate, etc.

4. Treasurer – The treasurer shall collect, disburse, and account for all moneys of the Association. Expenditures shall be subject to the approval of the Board of Directors. The Treasurer shall present a detailed report of income and expenditures at the Annual Meeting and when requested by the Board.

5. Three (3) Members of the Board – Shall assist the President or other officers, as well as participate in committees for the Association.

6. Executive Committee – The President, Vice President, Treasurer and Secretary shall comprise the Executive Committee. They shall be the governing body, when the full Board cannot be assembled.

7. Committees – The President shall appoint all members of standing Committees for the Association, as established by the Board of Directors. The President shall appoint all Committee Chairpersons. No Committee shall have the right to obligate the Association in any way or in any sum in excess of the specifically budgeted amount established for its use for the current year by the Board.

8. Elections – The President shall appoint a Nominating Committee whose function shall be to submit a list of nominees for election to the Board of Directors. Additional nominations may be made form the floor at the Annual Meeting. Only property owners in good standing may be nominated or have a vote.

9. Vacancies – Except in the Office of President, vacancies shall be filled by the President, subject to Board approval, for the remainder of the un-expired term.

Article V – Meetings

1. Annual Meetings – Annual meetings of the Association will be held the first Saturday of August, at 1:00 P.M., at the Clubhouse. Members shall be notified by mail of the Annual Meeting, at least 30 days prior to the meeting. Members should advise the Secretary or President at least 10 days prior to the meeting, of any agenda items to be added for discussion.

2. Quarterly meetings – Quarterly meetings will be held to conduct the business of the Association, the first Saturday in November, February and June at 1:00 P. M. at the Clubhouse.

Article VI – Proxies

1. Contracted Work – In order to protect Association members from exposure to litigation, outside contractors engaged by the Board should be reputable and properly insured.

The Board should obtain liability insurance in the amount commensurate with Association needs and financial resources. Periodic reviews of such coverage should be made.


Article VII – Amendments to By-Laws

1. Process to Amend - By-Laws may be amended or rescinded by a 60% majority of
the members voting, at the annual meeting. Suggested amendments should be
submitted, in writing, to the Secretary or President, for presentation to the Board
and the Association, at the annual meeting.