ARTICLES OF INCORPORATION
OF
TIMBERLAKE RANCH LANDOWNERS' ASSOCIATION
The undersigned, acting as an Incorporator of a corporation under the
New Mexico Nonprofit Corporation Act, adopts the following Articles of
Incorporation for the corporation:
ARTICLE I
NAME
The name of the corporation is TIMBERLAKE RANCH LANDOWNER'S ASSOCIATION.
ARTICLE II
CORPORATE EXISTENCE
The period of duration of the existence of the corporation is perpetual.
ARTICLE III
PURPOSE
The corporation is organized and will be operated as a homeowners association,
in accordance with Section 528 of the Internal Revenue Code and the Regulation
of the Internal Revenue Code (collectively, the "Code"), as
the Code now exists or may exist after the date of these Articles:
A. To acquire, construct, manage, maintain and care for the Common Areas
as defined in the Bylaws (the "Common Areas" and any other property
of the corporation.
B. To administer and enforce the Declarations containing covenants, conditions
and restrictions for certain subdivision in McKinley County, New Mexico,
and Cibola County, New Mexico, as further defined in the Bylaws (the "Declarations").
C. To carry out any other lawful purpose under the New Mexico Nonprofit
Corporation Act.
The corporation will not carry on any activity which would adversely affect
the status of the corporation as a homeowners association under Section
528 of the Code.
ARTICLE IV
CAPACITY, AUTHORITY AND POWER
Except as limited in these Articles, the corporation will have the capacity
and authority to perform those acts which are necessary or proper to accomplish
the purposes of the corporation, and will have as fully as if set out
at length in these Articles all powers expressly or impliedly conferred
by the laws of New Mexico, and all those powers necessary, convenient,
desirable or appropriate to accomplish the purposes of the corporation.
This declaration of capacity, authority and power is to be broadly construed
without the necessity of specific enumeration; provide, however, that
the corporation may exercise only those powers which are in furtherance
of the purposes and activities of the corporation as a homeowners association
under Section 528 of the Code.
ARTICLE V
LILMITATIONS
ON
CAPACITY, AUTHORITY AND POWER
The following limitations are placed on the capacity, authority and
power of the corporation:
A. The corporation may not mortgage the Common Areas or any other property
owned by the corporation except as provided in the Declaration or the
Bylaws. The total outstanding monetary contractual liabilities of the
corporation may not exceed an amount equal to twice the aggregate Annual
Assessments (as defined in the Bylaws) assessed to all Lots for the then
current Assessment Year (as defined in the Bylaws), unless the authority
to exceed that amount is given by the Special Assent of the Members of
the corporation.
B. The corporation may not dissolve and may not liquidate except in compliance
with the New Mexico Nonprofit Corporation Act and with the Special Assent
of the Members at a meeting after the corporation has mailed, in accordance
with the Bylaws, to each Member not less than twenty days before the meeting
written noticed of the proposed dissolution or liquidation.
C. Upon dissolution or liquidation, the corporation will apply and distribute
the assets of the corporation in accordance with the New Mexico Nonprofit
Corporation Act, and will transfer the remain corporate assets (the "assets")
to an appropriate public agency which will devote the assts to purposes
as nearly as practicable the same as those to which the assets are required
to be devoted by the corporation. If the transfer is refused, the assets
will be transferred to a nonprofit organization which will devote the
assets to purposes as nearly as practicable the same as those to which
the assets are required to be devoted by the corporation. No transfer
of the assets will divest or diminish any right of any Member under the
Declaration these Articles or the Bylaws.
D. The "Special Assent of the Members: required by some provisions
of the Article means the assent of Members representing at least two-thirds
of the votes which Members who are voting in person or by proxy are entitled
to cast at a meeting of the Members which was duly called for the purpose
by a notice which was sent to all Members at least twenty days in advance
providing the purpose of the meeting and at which meeting a Special Quorum
is present. The words "Special Quorum" as used in these Articles
mean the presence, in person or by proxy, at a meeting of Members, of
Members entitled to cast sixty percent of the votes of Members, and if
the required quorum is not present at that meeting and a subsequent meeting
of Members called for the same purpose as the prior meeting takes place
within sixty days after the prior meeting, the words "Special Quorum"
mean, with respect to the subsequent meeting, one-half of the required
quorum at the prior meeting.
ARTICLE VI
LIMITATION ON PECUNIARY GAIN
The corporation does not afford pecuniary gain, incidentally or otherwise,
to the Members of the corporation. No part of the income, profit or net
earnings of the corporation will inure to the benefit of or be distributable
to any Member, director, officer, private shareholder or individual, but
this does not prevent the corporation from paying reasonable compensation
for serviced rendered by a Member, director, officer, private shareholders
or individuals.
ARTICLE VII
REGISTERED OFFICE AND AGENT
The initial registered office address of the corporation is 20 First
Plaza, Suite 600. Albuquerque, New Mexico, 87103, and the initial registered
agent of the corporation at that address will be Graham Browne.
ARTICLE VIII
FIRST DIRECTORS
The name and addresses of the seven directors who will constitute the
first Board of Directors of the corporation are:
Richard Gerardi c/o Sutin, Thayer & Browne
A Professional Corporation
20 First Plaza, Suite 600
Albuquerque, New Mexico 87102
T.M. Broderick c/o Sutin, Thayer & Browne
A Professional Corporation
20 First Plaza, Suite 600
Albuquerque, New Mexico 87102
Charles Billman c/o Sutin, Thayer & Browne
A Professional Corporation
20 First Plaza, Suite 600
Albuquerque, New Mexico 87102
Jock Begg c/o Sutin, Thayer & Browne
A Professional Corporation
20 First Plaza, Suite 600
Albuquerque, New Mexico 87102
Roscoe McKeehan c/o Sutin, Thayer & Browne
A Professional Corporation
20 First Plaza, Suite 600
Albuquerque, New Mexico 87102
Barbara Fidel c/o Sutin, Thayer & Browne
A Professional Corporation
20 First Plaza, Suite 600
Albuquerque, New Mexico 87102
Alice B. Collier c/o Sutin, Thayer & Browne
A Professional Corporation
20 First Plaza, Suite 600
Albuquerque, New Mexico 87102
ARTICLE IX
AMENDMENTS
These Articles may be amended or repealed on in accordance with the
Special Assent of the Members.
DATED: April 25, 1986
_________________________
RICHARD GERARDI
c/o Sutin, Thayer & Browne
A Professional Corporation
20 First Plaza, Suite 600
Albuquerque, New Mexico 87102
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