I, the undersigned, hereby form a non stock corporation under the provision of Chapter 2 of Title 13.1 of the Code of Virginia, and to that end set forth the following:
The name of this Corporation shall be Seven Lakes Homeowners Association, Inc. (hereinafter referred to as the “Corporation”).
Purposes and Powers
- The purpose for which the Corporation is formed is exclusively for the acquisition, ownership, construction, management and maintenance of real and personal property for community use and benefit, and other similar nonprofitable purposes, as contemplated by Section 501(c) of the Internal Revenue Code of 1954 (any reference herein to any provision of such Code shall be deemed to mean provisions as now or hereafter existing, amended, supplemented or superseded) (the “Internal Revenue Code”). More specifically, the purpose of the Corporation is the acquisition, ownership, construction, management, maintenance and care of real and personal property at the Seven Lakes residential subdivision community in Stafford County, Virginia, for the benefit of that community and other similar purposes that entitle the Corporation to be treated as an exempt homeowners association under Sections 528 and 501(c) of the Internal Revenue Code.
- The assets of the Corporation shall be at all times dedicated to the purposes set out above, and none of the net earnings shall inure in whole or in part to the benefit of any private individual, association or corporation. If for any reason it becomes necessary to dissolve or liquidate the Corporation, the remaining assets of the Corporation, after its lawful obligations and all other requirements of law are met and complied with, shall be transferred or conveyed to one or more corporations, societies, or organizations engaged in activities similar to those of the Corporation and qualifying under Section 501(c) of the Internal Revenue Code, as may be specified in a plan of distribution adopted as provided by law or as directed by a court of competent jurisdiction.
- The Corporation may solicit and receive funds and property by gift, transfer, devise or bequest, and may administer and apply such funds and property only in the furtherance of the purposes set out in Paragraph (1) above.
- The Corporation shall not engage in any activities attempting to influence legislation, nor shall it directly or indirectly participate or intervene (including publishing or distributing statements) in any political campaigns on behalf of any candidate for public office or any other activity not within the nonprofitable purposes set out in Paragraph (1) above.
- The Corporation shall do any all lawful things which may be necessary, useful, suitable or proper for the furtherance or accomplishment of the purposes and powers of the Corporation, and shall exercise all powers possessed by Virginia corporations of similar character, including the power to own, lease, contract for the purchase and sale of, and to mortgage or otherwise encumber, real and personal property.
Membership in the Corporation shall be automatic and compulsory for the owners of all lots in the Seven Lakes subdivision. All of the owners of each lot shall collectively constitute one member, and shall register their names with the corporation promptly on becoming owners of such lot. Each member shall pay such dues as may from time to time be set by the Board of Directors in accordance with the By-Laws. Each member shall be entitled to one vote in all matters coming before membership meetings. Each member shall have full voting rights, but only one of the owners of a single lot shall be entitled to vote on-behalf of all the owners of such lot at any such membership meeting.
Board of Directors
- The affairs of the Corporation shall be managed by the Board of Directors.
- (a) The initial number of directors of the Corporation shall be three (3). The number of directors may be increased or decreased from time to time by amendment to the By-Laws.
- (b) Each of the directors shall be elected by and from the voting membership at the annual membership meeting for a term of three years. These terms may be staggered so as to overlap as provided by amendment to the By-Laws. [9/21/93]
- The names and addresses of the persons to serve as initial directors are as follows:Thomas F. Herr
12815 River Road
Potomac, MD 20554William W. Sprout, III
8350 Greensboro Drive
McLean, VA 22102
H. Clark Leming
233 Garrisonville Road
Stafford, VA 22554
The initial registered office of the Corporation is to be located at 233 Garrisonville Road, Suite 204, Stafford, VA. The name of the county in which the initial registered office is located is Stafford County, Virginia. The name of the initial registered agent is H. Clark Leming, who is a resident of Virginia, a member of the Virginia State Bar and whose business office is the same as the registered office of the Corporation.