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103 <br /> EXHIBIT C <br /> INITIAL BYLAWS OF <br /> WILLIAMS GLEN HOMEOWNERS ASSOCIATION,INC., <br /> a North Carolina Nonprofit Corporation <br /> ARTICLE I <br /> NAME <br /> Section 1.01 Name.The name of the corporation is Williams Glen Homeowners Association,Inc. <br /> (the"Corporation"). <br /> ARTICLE II <br /> OFFICES <br /> Section 2.01 Principal Office. The principal office of the Corporation shall be located at the <br /> address provided in the Articles of Incorporation or at such other place in the State of North Carolina as may be <br /> designated from time to time by the Board of Directors. <br /> Section 2.02 Registered Office. The registered office of the Corporation required by law to be <br /> maintained in the State of North Carolina may be,but not need be,identical with the principal office. <br /> Section 2.03 Other Offices. The Corporation may have offices at such other places,either within <br /> or without the State of North Carolina as the Board of Directors may from time to time determine or as the <br /> affairs of the Corporation may require. <br /> ARTICLE III <br /> MEMBERSHIP <br /> Section 3.01 Membership. Any Person who holds record title to any Lot located in Williams <br /> Glen, a residential planned community located in Orange County, North Carolina, as provided in the <br /> Declaration of Covenants, Conditions, Restrictions and Easements for Williams Glen recorded or to be <br /> recorded in the office of the Register of Deeds of Orange County,North Carolina, as same may be amended, <br /> supplemented and/or modified from time to time (the "Declaration"), and the recorded plat(s) of survey <br /> referenced therein shall be and remain a member ("Member") of the Corporation for so long as such Person <br /> shall hold record title to such Lot. No lienholder,judgment creditor, trustee or other Person holding legal or <br /> beneficial title to,or other interest in, any Lot merely as security for an obligation,or holding only a leasehold <br /> interest in any Lot,shall be qualified for or entitled to membership in the Corporation. All defined terms in the <br /> Declaration shall have the same meanings in these Bylaws unless otherwise defined herein. <br /> ARTICLE IV <br /> MEETINGS OF MEMBERS <br /> Section 4.01 Annual Meeting. A meeting of the Members shall be held at least once each <br /> calendar year on such date as may be designated by the Board of Directors for the purpose of transacting any <br /> business authorized to be transacted by the Members. <br /> Section 4.02 Substitute Annual Meeting. If the annual meeting of the Members is not held as <br /> provided in Section 4.01, any business, including the election of Directors, which might properly have been <br /> acted upon at the annual meeting may be acted upon at any subsequent meeting of the Members held pursuant <br /> to these Bylaws or pursuant to a court order requiring a substitute annual meeting. <br /> 28 <br />