ORIGINS AND PURPOSE
INLET ISLAND MAINTENANCE COMPANY
The Inlet Island Maintenance Company (CORPORATION) is a nonprofit, non-stock, Washington Corporation consisting of the owners and purchasers of a common area known as Inlet Island Park located in Township 20 N, Range 5, E.W.M. (Appendix A).
The officers of the CORPORATION are unsalaried as are the directors. The decision to form this CORPORATION was made on the basis of experience of developers of subdivisions requiring a continuous maintenance program. After sale of a subdivision has been completed, this type of organization has proved very effective in providing purchasers with the means to continue the high standards of the recreational facilities originally provided by the developers.
We believe that the assurance of continuous maintenance and operation of fine community recreational facilities is best provided for by the creation of this CORPORATION.
As provided for in the bylaws of the CORPORATION, the annual assessment for each member shall not exceed $100.00 per year. The funds collected from members shall be deposited in a trust fund and shall remain the pro rata property of the individual members until expended.
The name of the Corporation shall be:
INLET ISLAND MAINTENANCE COMPANY.
The purposes for which this CORPORATION is formed include, but are not limited to:
1. Adopt and amend bylaws, rules, and regulations;
2. Adopt and amend budgets for revenue, expenditures, and reserves, and impose and collect assessments for common expenses from owners;
3. Hire and discharge or contract with managing agents and other employees, and independent contractors;
4. Institute, defend, or intervene in litigation or administrative proceedings in its own name on behalf of two or more owners on matters affecting the CORPORATION, but not on behalf of owners involved in disputes that are not the responsibility of the CORPORATION.
5. Make contracts and incur liabilities;
6. Regulate the use, maintenance, repair, replacement, and modification of common areas;
7. Cause additional improvements to be made as part of the common area;
8. Acquire, hold, encumber, and convey in its own name any right, title, or interest to real or personal property;
9. Grant easements, leases, licenses, and concessions through or over the common areas and petition for or consent to the vacation of streets or alleys;
10. Impose and collect any payments, fees or charges for the use, rental or operation of the common areas;
11. Impose and collect charges for late payments of assessments and, after notice and opportunity to be heard by the Board of Directors or by the representative designated by the Board of directors and in accordance with the procedures as provided by the rules and regulations adopted by the Board of Directors, levy reasonable fines in accordance with a previously established schedule adopted by the Board of Directors and furnished to owners for violation of the bylaws, rules, and regulations of the CORPORATION.
12. Exercise any other powers conferred by the bylaws;
13. Exercise all other powers that may be exercised in this state by the same type of corporation as the CORPORATION; and,
14. Exercise any other powers necessary and proper for the governance and operation of the CORPORATION.
This CORPORATION shall at all times be a corporation in accordance with R.C.W. 64.38 et seq. Membership in CORPORATION shall be in accordance with the bylaws of the CORPORATION.
The Board of Directors of the CORPORATION shall consist of not less than five (5) or more than nine (9) officers.
The time of existence of this CORPORATION shall be perpetual.
The qualifications of the members of the CORPORATION, the property, voting and other rights and privileges, and the liabilities to charges and assessments of the members, shall be set forth in the bylaws of the CORPORATION
REVISED: May, 2004
ADOPTED: May 21, 2005