4-3-24 PB Agenda Packet - Laserfiche WebLink

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101 ARTICLE VI PRINCIPAL OFFICE The initial street and mailing address of the principal office of the corporation is 320 Executive Court, Hillsborough,North Carolina 27278. The principal office may, however, be located at such other place(s) as may be designated from time to time by the corporation's Board of Directors. ARTICLE VII PURPOSES The corporation does not contemplate pecuniary gain or profit to its Members and is formed solely for the purposes for which a nonprofit corporation may be formed and operated pursuant to the North Carolina Planned Community Act and the North Carolina Nonprofit Corporation Act. The specific purposes for which the corporation is formed are as follows: (a) to have and exercise any and all powers, rights and privileges granted to the corporation by the Declaration,to perform the functions and duties set forth in the Declaration and to enforce any valid restriction, condition and covenant set forth in the Declaration, all to the full extent not inconsistent with the North Carolina Planned Community Act and/or the North Carolina Nonprofit Corporation Act, as applicable; (b) to receive, acquire, hold, retain, encumber, sell, transfer and/or convey legal or beneficial title to the Common Elements,or any part thereof,and any tangible or intangible personal property, as provided in the Declaration; (c) to exercise all powers deemed by the Board of Directors of the corporation to be necessary to the corporation's objectives and purposes or which reasonably may be implied therefrom, including,but not limited to,the power to solicit,collect,receive,administer and disburse funds and file liens in such manner as,in the sole discretion of the Board of Directors of the corporation,will operate most effectively to further the mutual benefit of the members of the corporation consistent with the applicable provisions of the Declaration, the North Carolina Planned Community Act and the North Carolina Nonprofit Corporation Act; and (a) to have and exercise any and all other powers, rights and privileges which a corporation organized pursuant to the North Carolina Planned Community Act and the North Carolina Nonprofit Corporation Act may by law now or hereafter have or exercise. ARTICLE VHI INITIAL DIRECTORS The corporation's initial Board of Directors shall consist of three (3) directors. The names and addresses of the corporation's initial directors are as follows: Scott W.Ashton 320 Executive Court Hillsborough,North Carolina 27278 Steven A.Hubrich James W.Parker,Jr. 320 Executive Court Hillsborough,North Carolina 27278 26