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43 <br /> Owffft6m <br /> winboft <br /> 410&"60�6� <br /> ARTICLE IX <br /> BYLAWS <br /> The initial Bylaws of the corporation shall be adopted by the corporation's initial Board of <br /> Directors. The Members shall have the power to amend or repeal the initial Bylaws or to adopt new <br /> Bylaws. The Bylaws may contain any provisions for the regulation and management of the <br /> corporation which are not inconsistent with the Declaration, these Articles of Incorporation, the <br /> North Carolina Planned Community Act and/or the North Carolina Nonprofit Corporation Act, as <br /> applicable. <br /> ARTICLE XI <br /> TAX EXEMPT STATUS <br /> The corporation shall have all the powers granted non-profit corporations under the laws <br /> of the State of North Carolina. Notwithstanding any other provision of these Articles of <br /> Incorporation, the corporation hereby elects tax-exempt status under Section 528 of the Internal <br /> Revenue Code of 1986. The corporation shall not carry on any activities prohibited by a <br /> corporation electing tax-exempt status under Section 528, or any corresponding sections or <br /> provisions of any future United States Internal Revenue law or of any analogous law of the State <br /> of North Carolina. No part of the net earnings of the corporation shall inure to the benefit of its <br /> Members, directors, officers or other persons except that the corporation shall be authorized and <br /> empowered to pay reasonable compensation for services rendered and to make payments and <br /> distributions in furtherance of the exempt purposes of the corporation. <br /> ARTICLE XI <br /> AMENDMENT <br /> These Articles of Incorporation may be amended at any annual or special meeting of the <br /> Members duly held in accordance with the provisions of the Bylaws of the corporation with respect <br /> to which notice of such purpose has been given, and at which a quorum is present, by the <br /> affirmative vote of Members entitled and qualified to vote present at such meeting in person or by <br /> proxy who represent(a)not less than two-third(2/3)of all votes cast at such meeting,or(b)not less <br /> than a majority of the total number of votes allocated to all of the Lots as provided in the <br /> Declaration, whichever is less. These Articles of Incorporation may also be amended, without a <br /> meeting, by written consent of Members entitled and qualified to vote who represent the total <br /> number of votes allocated to all Lots as provided in the Declaration. In the event there are no <br /> Members entitled and qualified to vote, these Articles of Incorporation may be amended as <br /> 33 <br />