(1) In order to qualify for the designation as a neighborhood preservation nonprofit corporation under this part, a corporation shall first include in its bylaws:(1) That all members shall be owners of real property located within the area designated in the plat described in § 48-101-903(c);(2) That decisions of the corporation involving the protection or preservation of real property within the area designated in the plat described in § 48-101-903(c) shall be made by a two-thirds (⅔) vote of its members;(3) That each member shall pay a minimum monthly amount in dues of twenty-five dollars ($25.00) to the corporation and agree, prior to membership, to pay any outstanding dues prior to selling the member's real property located within the area designated in the plat described in § 48-101-903(c);(4) That all assets of the corporation, minus those needed for administrative purposes, shall be applied towards preserving and protecting the real property designated in the plat described in § 48-101-903(c);(5) That an itemized financial accounting of assets used for administrative purposes shall be made available to members upon request; and(6) That copies of the bylaws shall be provided to members upon becoming members and at any time that the bylaws are changed.
(1) That all members shall be owners of real property located within the area designated in the plat described in § 48-101-903(c);
(2) That decisions of the corporation involving the protection or preservation of real property within the area designated in the plat described in § 48-101-903(c) shall be made by a two-thirds (⅔) vote of its members;
(3) That each member shall pay a minimum monthly amount in dues of twenty-five dollars ($25.00) to the corporation and agree, prior to membership, to pay any outstanding dues prior to selling the member's real property located within the area designated in the plat described in § 48-101-903(c);
(4) That all assets of the corporation, minus those needed for administrative purposes, shall be applied towards preserving and protecting the real property designated in the plat described in § 48-101-903(c);
(5) That an itemized financial accounting of assets used for administrative purposes shall be made available to members upon request; and
(6) That copies of the bylaws shall be provided to members upon becoming members and at any time that the bylaws are changed.