Membership Information
Definition
“Member” shall mean and refer to every person who is a paid member of the Association.
Members
- Qualifications. Membership in the Association shall be limited to persons who are the recorded owner of any lot or lots located in the Lakewood Subdivision as shown in the Register’s Office for Dyer County, Tennessee and who pays the annual dues and
assessments as provided in Article Ill (4). If ownership stands in more than one name, all recorded owners constitute a single member. Membership shall terminate on such member’s
ceasing to be an owner of a lot in said subdivision or upon non payment of the annual dues. - Voting. Each paid member is entitled to no more than one (1) vote regardless of the number of lots in Lakewood Subdivision which said member may own or share in ownership. If a membership stands of record in the names of two (2) or more persons, then any of said persons may cast the one vote for all the co-owners. If more than one co-owner insists on casting a vote, then the one vote shall be divided on a pro rata basis.
- Dues and Assessments. As more fully provided in the covenants, there are limitations and restrictions of Lakewood Subdivision. Dues to the Association are in the amount of $300.00 per year for the beautification and maintenance of the common areas and
other valid expenses of the Association. The amount of such fees, dues and other assessments may be increased or decreased from time to time by the board of directors or by
the members at an annual or special meeting if the members received notice that a purpose of the meeting was to discuss fees, dues, or other assessments.