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• <br /> Section Eleven. Exempt Property. All Properties <br /> dedicated to, and accepted by, a local public authority and all <br /> Properties owned by a charitable or nonprofit organization <br /> exempt from taxation by the laws of the State of North Carolina <br /> shall be exempt from the, assessments created herein. However, <br /> no land. or improvements devoted to dwelling use shall be exempt <br /> from said assessments. <br /> Section Twelve. Working Capital Fund. At the time of <br /> closing of the sale of each Lot, a sum equal to at least two <br /> months' assessment for each Lot shall be collected and trans- <br /> ferred to the Association to be held as a working capital fund. <br /> The purpose of said fund is to insure that the Association Board <br /> will have adequate cash available to meet unforeseen expenses, <br /> and to acquire additional equipment or services deemed necessary <br /> or desirable. Amounts paid into the fund shall not be consid- <br /> ered advance payment of regular assessments. <br /> ARTICLE VI <br /> ANNEXATION OF ADDITIONAL PROPERTIES <br /> Section One Annexation of additional property, <br /> except as provided in Section Two of this Article VIII, shall <br /> require the assent of two-thirds (2/3) of the Class A membership <br /> and two-thirds (2/3) of the Class B membership, if any, at a <br /> meeting duly called for this purpose, written notice of which <br /> shall be sent to all Members not less than thirty (30) days nor <br /> more than sixty (60) days in advance of the meeting setting <br /> forth the purpose of the meeting. The presence of Members or of <br /> proxies entitled to cast sixty percent (60%) of the votes of <br /> each class of membership shall constitute a quorum. If the re- <br /> quired quorum is not forthcoming at any meeting, another meeting <br /> may be called subject to the notice requirement set forth above <br /> and the required quorum at such subsequent meeting shall be <br /> one-half (1/2) of the required quorum of the preceding meeting. <br /> No such subsequent meeting shall be held more than sixty (60) <br /> days following the preceding meeting. In the event that two- <br /> thirds (2/3) of the Class A membership or two-thirds (2/3) of <br /> the Class B membership are not present in person or by proxy, <br /> -9- <br />