Approved by Board of
Directors 9/7/90 (To comply with State Laws)
Reapproved by Board of Directors March 2, 2001
Reapproved with Changes By the Board of Directors June 1, 2002
BY-LAWS OF MAD RIVE CLUB, INC.
ARTICLE 1 - NAME:
The name of this Corporation is the Mad River Club, Inc. and shall be referred herein as the Club.
ARTICLE II - MAILING ADDRESS AND PRINCIPAL PLACE OF BUSINESS:
The Mailing Address of the Club is P.O. Box 171, Pulaski, N.Y. 13142. The Principal Place of Business shall be the Mad River Club Clubhouse, County Route 15, Town of Boylston, County of Oswego and State of New York.
ARTICLE III - FISCAL YEAR AND EMPLOYER IDENTIFICATION NUMBER:
The Fiscal Year shall be from January 1 to December 31st of a given year. The Employer Identification Number (EIN) assigned by the Internal Revenue Service is 22-2264842.
ARTICLE IV - OBJECTIVES:
The objectives of the Club shall be:
(1) To provide opportunities for Members to engage in the sport of hunting and fishing.
(2) To promote hunter safety.
(3) To encourage the practice of good sportsmanship and compliance with local, state and federal game and fishing laws.
(4) To support wildlife conservation programs and to assist wildlife management programs.
(5) To strengthen landowner-hunter cooperation and understanding.
(6) To increase the knowledge and practice of hunting and fishing skills, marksmanship and other outdoor recreation skills that are in harmony with the sport of hunting and fishing.
(7) To cooperate with the organizations which share the objectives stated in objectives (1) through (6).
(8) To acquire property both personal and real and improvements thereto
in order to create and maintain facilities for
objectives set forth in (1) through (7) above and for general recreation.
Herein such property and improvements will
referred as the Club Property.
ARTICLE V - ORGANIZATION:
A - BOARD OF DIRECTORS AND THEIR DUTIES
The Directors shall be divided into four classes with a fifth class if the appointment below occurs. The first class shall be the Officers elected at each Annual Member’s Meeting to serve until the next Annual Member’s Meeting. The second, third, and fourth class shall consist of nine Directors, with as near as possible, three serving in each class and three elected at each Annual members’ Meeting for a three-year term. The fifth class may be the immediate past President who may be appointed to the Board by the other Directors to serve until the next Annual Member’s Meeting. The Board shall have general supervision of and control over all Club business, interests and Property, taking into consideration resolutions adopted by the Members in a Members Meeting. No elected Official shall hold more than one office at a time.
B - OFFICERS
Officers shall consist of the President, First Vice-President, Second Vice-President, Treasurer, Club Secretary, Financial Secretary, Newsletter Editor, and Assistant Newsletter Editor to be elected at each Annual Members’ Meeting to serve until the next Annual Members’ Meeting. The office of President and Club Secretary shall not be held by the same person. There shall also be a Chairman of the Board who shall be appointed to such office by the Board from the Board to serve until the next Annual Members’ Meeting. No elected Official shall hold more than one office at a time.
C - DUTIES OF OFFICERS
1. CHAIRMAN OF THE BOARD
The Chairman of the Board shall preside at all Directors’ Meetings and shall perform duties as prescribed by the Board.
2. THE PRESIDENT
The President shall be the chief executive officer of the Club and shall have all the general power and duties which are usually vested in the office of a chief executive officer of a corporation. The President shall be an ex-officio member without vote on all Committees of the Club. The President shall also perform duties as prescribed by the Board, and in the absence or disability of the Chairman of the Board, the President shall perform the duties and exercise the powers of the Chairman of the Board.
3. FIRST VICE PRESIDENT
The First Vice President shall perform duties as prescribed by the Board and in the absence and disability of the President shall perform the duties and exercise the powers of the President. Further, the First Vice President shall be a member of and the chairperson of the Financial Affairs Committee.
4. SECOND VICE PRESIDENT
The Second Vice President shall perform duties as prescribed by the Board, and in the absence or disability of the First Vice President shall perform the duties and exercise the powers of the First Vice President. Further, the Second Vice President shall be a member of and the chairperson of the Membership Committee.
5. TREASURER
The Treasurer shall have custody of the corporate funds and shall keep full and accurate accounts of all receipts, disbursements, and books relating thereto belonging to the Club. The Treasurer shall pay: (1) all budgeted bills, and (2) other bills approved by the Board which are accompanied by bona fied invoices, cash register tapes, vouchers or receipts. The Treasurer shall, at each meeting of the Members or Board, or at any time upon the request of the President or the Board, deliver as directed a complete statement of the financial affairs of the Club. Further, the Treasurer shall assist the Financial Secretary in collecting moneys Members owe the Club. The Treasurer shall be a member of the Financial Affairs Committee and the Membership Committee, and shall have the general powers and duties which are usually vested in the treasurer of a corporation and shall perform other duties as prescribed by the Board.
6. CLUB SECRETARY
The Club Secretary, or the Club Secretary’s designee subject to Club Secretary’s oversight, shall keep minutes of all meetings of the Members, the Board and Committees. The minutes in addition to setting forth all matters addressed and actions taken shall set forth those persons in attendance. The Secretary shall have custody of the seal of the Club and other books and records of the Club as the Board may provide, and shall perform the duties and functions customarily performed by the secretary of a corporation together with other duties as prescribed by the Board. At the direction of the Board, the Club Secretary shall have the duty to conduct all correspondence for the Club except as set forth in Article V-C-8 herein. Further the Club Secretary shall transmit all Meeting Notices, and inform chairpersons and members of Committees that they have been appointed or elected thereto.
7. THE
FINANCIAL SECRETARY
The Financial Secretary shall maintain all of the financial records in concurrence
with the Treasurer, and shall deposit all moneys and
valuable assets in the name of and to the credit of the Club in such depositories as
may by designated by the Board. The Financial Secretary shall have the duty to
examine the budgeted and unbudgeted accounts, all invoices, cash register tapes, vouchers, receipts, or disbursements, retain copies of the same in his or
her custody, and approve in writing all payments made by the Treasurer
monthly. The Financial Secretary shall be a member of the Financial Affairs Committee and
the Membership Committee. The Financial Secretary shall collect all moneys
Members owe the Club and issue each Member his or her Membership Card and Member and Guest Badge after payment. Further, the Financial Secretary
shall perform other duties as prescribed by the Board.
8. NEWSLETTER EDITOR AND/OR EDITOR’S DESIGNEE
The
Newsletter Editor shall be responsible for the composition, production, and
distribution of a Monthly Newsletter for every month except November. The
Newsletter Editor shall have the duty to timely transmit correspondence to the
appropriate Officers and Directors delivered to the Club’s Post Office Box in Pulaski,
New York. The Newsletter Editor shall maintain a current Roster of the
Members, and be responsible for answering inquiries from prospective and newly
elected Members, produce and deliver applications to prospective Members,
deliver completed applications to the Board for action, and deliver maps and
Keys to the Club Property to new Members. The Roster shall set forth each
Member’s name, number, address, phone number, age and date of joining. Further,
the Newsletter Editor shall be the Officer Members should contact
relating
to their Club concerns, and perform other duties as prescribed by the Board.
9. ASSISTANT NEWSLETTER EDITOR
The Assistant Newsletter Editor shall assist the Newsletter Editor in performing the Newsletter Editor’s duties set forth above and in the Newsletter Editor’s absence or disability perform the duties and exercise the powers of the Newsletter Editor. Further, the Assistant Newsletter Editor shall perform other duties as prescribed by the Board.
D - VACANCIES
Vacancies in the first, second, third or fourth class of Directors and Officers can be appointed by the Board at any Meeting of the Board to serve until the next Annual Members’ Meeting.
E CONDUCT OF DIRECTORS AND OFFICERS
In the event a Director or an Officer does not: (1) attend three consecutive Meetings without a meritorious excuse, or (2) perform his or her duties satisfactorily; the board may remove such Director or Officer and such office shall become vacant.
F -COMMITTEES
1. GENERAL - Except as further limited by law, such Committees shall only have the authority granted to them by the By-Laws and the Board; provided, the Board may not grant authority inconsistent with the By-Laws. Further, all Committees shall have at least three Members and a Chairperson designated by the President with the consent of the Board; Provided that in the case of the Financial Affairs Committee
and the
Membership Committee three of their Members and the Chairperson shall be as set
forth in the Article V-C-3, 4, 5, 7 herein. All Committee Members and Chairpersons
designated by the President with the consent of the Board shall serve from such
consent until the next Annual Members’ Meeting at the pleasure of the Board.
2. STANDING COMMITTEES - There shall be the following Standing Committees with the following authority and duties.
a. The Audit Committee shall annually audit the financial books and records
of the Club and report their findings as required by Law annually at the
Board Meeting immediately prior to the Annual Members’ Meeting.
b. The Nominating Committee shall recommend Members to be Officers
and Directors and to fill the second, third and fourth class of Directors as
required, to be elected at the next Annual Members’ Meeting. A report
containing such recommendations shall be delivered annually to the
Board Meeting immediately prior to the Annual Members’ Meeting.
c. The Financial Affairs Committee shall prepare an annual budget to be
voted on at the Annual Members’ Meeting: which budget shall be
delivered to the Board Meeting immediately prior to the Annual
Members’ Meeting.
d. The Membership Committee shall develop and implement programs to
obtain new members, to retain existing members and to have former
members rejoin.
e. The Club Work Day Committee shall determine work projects for the
Members and appoint Project Chairpersons to oversee such work.
Further, the Chairperson of the Club Work Day Committee and the
Project Chairpersons shall perform those duties they are required to
perform in Article VI- Q herein.
f. The New York State Department of Environmental Conservation Camp
Committee shall annually select member’s children and public school
teacher(s) to attend such camp, and thereafter implement their attendance
thereto. The number of such children and teachers shall be as directed by
the Board.
g. The Awards Committee shall annually select which Members are to
receive awards and implement their presentation at the Annual Banquet.
The criteria for receiving such awards shall be service to the Club.
h. The Camping Committee shall make and implement policies regarding
camps and tenting on the Club Property.
i. The Leased Land Committee shall locate lands to be leased and negotiate,
execute and implement Leases thereto.
j. The Roads and Trails Committee shall open, mark, maintain, and repair
roads and trails on the Club Property; and keep the boundaries of the
Club Property marked.
k. The Entertainment Committee shall select and implement entertainment
for the Annual Banquet, the Family Outing, the Venison Dinner and other
social meetings.
l. The Building and Grounds Committee shall: (1) improve, maintain and
repair Clubhouse, it’s outbuildings and grounds; (2) purchase, maintain
and repair all equipment owned by the Club.
m. The Fund Raising Committee shall plan and implement way by which the
Club can obtain money for Club purposes other than by dues, fees or
assessments.
n. The Children’s Fishing Derby Committee shall plan and implement the
Annual Children’s Fishing Derby.
o. The Family Outing Committee shall plan and implement the Annual
Family Outing.
p. The Archery Committee shall annually plan and implement instruction
course(s) in the safe and accurate use of archery equipment.
q. The Gun Committee shall annually plan and implement instruction
course(s) in the safe and accurate use of firearms.
3. There shall be such other Committees and Chairpersons thereof as the President shall designate with the consent of the Board.
G - PAYMENTS TO MEMBERS, DIRECTORS OR OFFICERS
No Member, Director or Officer shall receive any compensation from the Club for services performed in an official capacity pursuant to duties set forth in these By-Laws or Rules and Regulations. Nothing herein shall be construed to preclude any Member, Director or Officer from serving the Club in any other capacity and receiving compensation therefore, or to receiving reimbursements for expenses incurred in connection with Club business and operations; provided, such service or expense be incurred after prior Board approval.
H - RULES AND REGULATIONS
The Members at a Members’ Meeting may adopt Rules and Regulations: (1) regulating the conduct of Members, their guests, their families and visitors; and (2) governing the use of Club Property; and (3) setting forth the amounts for Dues, Application Fees and Assessments.
ARTICLE VI - MEMBERSHIP:
CARD
The Membership of the Club shall not exceed 250 dues paying Members plus 8 Officers, and the Entertainment, Building and Grounds, and Security Committee Chairmen. except that under extraordinary circumstances the Board may authorize up to five additional Members. Upon election, each Member shall be assigned a number which number shall be set forth on the Badges and Card. A Member shall keep this number throughout Membership.
B. - APPLICATIONS FOR MEMBERSHIPS
Applications for Membership shall be made on a form provided by the Newsletter Editor and shall contain a recommendation by and be countersigned by at least one Member. Applications shall be voted upon in order they are received except as provided in Article VI-C herein. Each application shall be accompanied by check or cash in an amount as determined by the Members at a Members’ Meeting to be held in escrow. Completed applications should be delivered to the Newsletter Editor or mailed to the Club as the Mailing Address.
C. - MEMBERSHIP PREFERENCE FOR CHILDREN
A child, grandchild, son or daughter in law of a Member who has had a continuous membership for five or more years immediately prior to the child’s application for Membership shall have preference for Membership and be voted for Membership in the order each child’s application is received prior to other applications. If elected the child’s application fee is waived.
D. - VOTING FOR MEMBERSHIP
Voting for Membership may occur at any Members’ Meeting; provided, the applicant’s application has been presented at a prior Members Meeting, and his or her name and the date of the Members Meeting at which the vote is to take place has been published in a Monthly Newsletter between the presentation and the vote.
To be elected the applicant must receive an affirmative unanimous vote of all Members present. If a Member does not wish an applicant to become a Member, the Member may deliver a written statement to that effect before a Regular Directors Meeting prior to such vote to the Club Secretary and to the Member(s) recommending the applicant. If this occurs the Member delivering the statement and Member(s) recommending the applicant shall discuss this matter with the Board at a Regular Directors Meeting prior to such vote. After such Directors Meeting, whether or not the discussion occurs, such vote will take place at the Members Meeting designated for the vote unless the recommending Member(s) withdraw the application.
E. - ANNUAL DUES, EXEMPTION THEREFROM; AND APPLICATION FEE
The annual dues shall be an amount determined by the Members at a Members’ Meeting and are for the Fiscal Year. The Board may exempt annually the payment of Annual Dues for certain members based upon such member’s service to the Club. In addition, except as provided in Article VI-C herein, newly elected Members shall pay an application fee in an amount determined by the Members at a Members’ Meeting.
F. - NON-PAYMENT OF DUES
The Annual Dues are payable January 1st of a given year and if a Member for the prior year does not pay such dues by January 31st of the current year, the Member shall forfeit his or her membership and be obligated to immediately deliver his or her Keys to the Financial Secretary. Upon forfeiture the former member loses all privileges and rights of membership. The Board may waive forfeiture for a stated period; provided, such Member delivers to the Board a written statement setting forth reason(s) for non-payment and the Board decides the reason(s) are meritorious. A former member who has had his or her membership forfeited and is re-elected to membership prior to the beginning of the next fiscal year will not have to pay an Application Fee.
G. - MEMBERSHIP NON-TRANSFERABLE AND MEMBERS FAMILY
Memberships are non-transferable. A members spouse, children and grand children under 18 years of age have limited membership privileges, Subject to the limitations imposed by the Board of Directors and the Rules and Regulations.
H. - BADGE AND CARD REQUIREMENTS
I. - MEMBERS MAILING ADDRESS AND PHONE NUMBER
Each Member has the duty to deliver to the Newsletter Editor his or her current mailing address and phone number. The Mad River Club Mailing List (Membership List) is for the Officers, Board of Directors and Committee Chairman only, and is not to be given out to any other member or individuals without the Approval of the Board of Directors.
J. - GUEST PRIVILEGES
Subject to limitations imposed by the Board and the Rules and Regulations, each Member may have one Guest with him or her on the Club Property The Guest must have affixed to his or her person the Member’s Guest Badge and be in the company of the Member. This Article does not include the Clubhouse and County Route 15 Properties.
K. - MEMBERSHIP REVOCATION
Any Member’s Membership (including a Honorary Member or a Life Member) can be revoked for cause; provided, a written complaint by a Member is delivered to the Board and the Board decides such Membership should be revoked. Thereafter, before revocation can become effective, two-thirds of the Members present at a Member’s Meeting must vote for revocation. If a Membership is revoked the Member forfeits all moneys he or she has paid to the Club and all privileges of Membership and must immediately deliver his or her keys, Card and Badges to the Financial Secretary. If the Board does not vote for revocation or if upon the Board voting for revocation the two-thirds vote is not obtained, the Member remains a Member.
L. - HONORARY MEMBERS
Honorary Members may be elected by the Board at any time and shall have the same privileges as a Member except he or she may not vote or have a Guest Badge. Honorary Members are not to be counted in the Membership Quota.
M. - MEMBERS 65 OR OVER
A Member 65 years or older who has been a Member for at least ten continuous years, shall be obligated to pay only one half of the Annual Dues and Assessments.
N. - LIFE MEMBERS
A Member 70 years or older who has been a Member for at least 10 continuous years shall become a Life Member and shall not be obligated to pay Dues and Assessments. A Life Member is not to be counted in the Membership Quota.
O. - PROVISIONAL MEMBERS
The Directors at an October Director’s Meeting may elect an applicant who has complied with all the requirements of Article VI-D herein, except as modified in this paragraph, to a Provisional Membership which membership term shall be the period from the later of such election of the events set forth in this sentence to that December’s Member’s Meeting, provided; the applicant’s application for membership is submitted to that October’s Member’s Meeting., the applicant pays the Initiation Fee and the Annual Dues for that year which amounts are non-refundable, and the applicant’s name and a statement that such applicant will be voted on for membership at that December Member’s Meeting be published in that October’s Newsletter. A Provisional Member is subject to all the limitations and has all the privileges of a Member except he or she may not vote.
P. - ASSESSMENTS
In the case of extraordinary circumstances each Member may be assessed an amount by the Members at a Members’ Meeting.
Q. - WORK DAY
Each Member must work one eight-hour Work Day during each fiscal year. The Club Work Day Committee will designate projects to be worked on, Project Chairpersons to supervise the work, and Work Days on which the work is to be accomplished. The Project Chairperson shall report the name of the Members who have performed their Work Day to the Club Work Day Chairperson at the next Board Meeting. Further, a Member may fulfill such Work Day obligation by working on a non-designated Work Day provided such Member obtains permission from a Project Chairperson or Board of Director. In this case, the Member must enter the work done, the member’s name, who authorized the workday and the day it was done in the Club House Log Book maintained at the Club House. If a Member does not perform such Work Day, the Member shall be assessed an amount as determined by the Members at a Member’s Meeting and billed therefore on the statement for the Member’s next Annual Dues to be paid at the same time the Dues are to be paid. If the Member does not pay this Assessment his or her Membership shall be forfeited to the same effect as if the Dues were not paid. The Board may waive this Assessment; provided, such Member delivers to the Board a written statement explaining the reason(s) for such non-performance and the Board decides the reason(s) are meritorious. A member may give one of his or her workdays to another member under extenuating circumstances with the Board of Directors approval.
R. – DUES NOTICE
All dues notices for the next year will be mailed out by the Financial Secretary. The 1st dues notice for the next year will be mailed out on the 1st of December of the previous year. The 2nd dues notice for the next year will be mailed out on the 2nd of January of the current year. The Board of Directors at the Board of Director Meeting in February of the current year will start the process of filling the empty membership slots by having the Financial Secretary notify the applicants on the yearly waiting list in the order as they were received for membership into the Mad River Club.
ARTICLE VII - INDEMNIFICATION OF MEMBERS, DIRECTORS OR OFFICERS:
Each Member, Director and Officer of the Club, whether or not then in office, and any person whose testator or intestate was such a Member, Director or Officer, shall be indemnified by the Club for the defense of, and in connection with, civil or criminal actions or proceedings, or appeals therein, which arose by reason of the fact that such Member, Director or Officer was a Member, Director or Officer of the Club, in accordance with and to the fullest extent permitted by law.
ARTICLE VIII - MEETINGS:
A - PLACE OF MEETINGS
All Meetings shall be held at the Principal Place of Business of the Club or at such other place upon Notice as the Directors may from time to time determine.
B - ANNUAL MEMBERS’ MEETINGS
The Annual Members’ Meeting shall be held each year on Friday in the second week of April. If in a given year the date conflicts with Good Friday, the Meeting will be held the first Friday in April.
C - REGULAR AND SPECIAL MEMBERS’ MEETINGS
Regular Members’ Meetings shall be held on the
second Friday of each month at 8:00 PM, except in November when no Meeting will
occur. Special Members’ Meeting may be called by the President; and shall be
called by the President, any Vice-President or Secretary upon written request of
10 Members or a majority of the Board, which Meeting must take place
within twenty days of such request.
D. - REGULAR AND SPECIAL DIRECTOR’S
MEETING
E. - NOTICE MEETINGS
Notice of a Meeting shall be in writing and state the place, hour, date and purpose of the Meeting. The Notice shall be delivered personally or by mail upon least 10 days notice. If mailed, such Notice shall be deemed delivered when deposited in the United States mail with the postage thereon prepaid addressed to the Member to the address he or she delivered in writing to the Newsletter Editor. Notices will be sent for all Members’ and Directors’ Meetings except for Regular Members’ Meetings. A Notice will be required for a Regular Members’ Meeting if
the Board changes the time or the place of the meeting, due to unusual circumstances, in which case the Notice smut be delivered at least 10 days before the usual and the new Meeting time. Notices may be delivered in the Monthly Newsletter.
F. - WAIVER OF NOTICE
Any Director or Member before or after any Directors’ or Members’ Meeting, may in writing waive Notice of such Meeting and such waiver shall be equivalent to the delivery of Notice. Attendance of any Meeting by a Member or Director without protest prior thereto or at its commencement concerning lack of Notice shall constitute a waiver of Notice by such Member or Director.
G. - QUORUM
The quorum for a Members’ Meeting shall be 10 percent of the Members, five of whom must be Directors. The quorum for a Directors’ Meeting shall be seven.
H. - ACTION BY PROXY
A Member may not authorize another person(s) to act for him or her by proxy.
I. - PARLIAMENTARY PROCEDURE
All Meetings will be conducted by standard Parliamentary Procedures as set forth in the current edition of Robert’s Rules of Order.
J. - PLEDGE OF ALLEGIANCE
All Meetings will begin
with the Pledge of Allegiance to the flag of the United States of America.
ARTICLE IX - AMENDMENTS TO CERTIFICATE OF INCORPORATION AND
BY-LAWS:
The Club Certificate of Incorporation or these By-Laws may only be amended by the Members at a Members’ Meeting. A copy of the Amendment or a description of the Amendment must accompany the Notice of the Meeting at which the Amendment will be voted on.
In order for an Amendment to the Certificate of Incorporation to become effective at least 10 percent of the Members at least five of whom must be Directors must vote affirmatively for the Amendment. In order for an Amendment to the By-Laws to become effective a majority of those Members present must vote affirmatively for the Amendment provided a Quorum is present.
The within By-Laws were duly adopted by the Members of the Mad River Club, Inc. on Dec. 14, 1990.
___________________________ ________________________
President Secretary
The above By-Laws were reaccomplished in Microsoft Word 6.0 and stored on a disk for future changes and paper products, to comply with State Laws and was adopted by the Members of the Mad River Club, Inc. at the Annual Meeting on April 12, 1996.
__________________________ __________________________
President Secretary
The above By-Laws were reaccomplished in Microsoft Office Word 2000, stored on a disk for future changes and paper products, added paragraph R to Article VI, to comply with State Laws and was adopted by the Members of the Mad River Club, Inc at the Annual Meeting on April 6, 2001.
___________________________ _________________________
President Secretary
The above By-Laws were reaccomplished with changes in Microsoft Office Word 2000 on a Windows platform, stored on disk for future changes and paper products, and was adopted by the Board of Directors at the Special Directors Meeting June 1, 2002 for approval by the members of the Mad River Club, Inc at a Special Call/Regular Members Meeting on August 9, 2002.
______________________________ _____________________________
President Secretary
The above By-Laws with changes were approved by the members of the Mad River Club, Inc at a Special Call/Regular Meeting on August 9,2002
________________________________ _____________________________
President Secretary
Mad River Club Inc
Amendment 1
To
By-Laws June 1, 2002
And
Rules & Regulations June 1, 2002
8 April 2005
AMEND ARTICLE VI PARAGRAPH A . MEMBERSAHIP QUOTA, MEMBER’S NUMBER, BADGES AND CARD
Change the sentence: The Membership of the Club shall not exceed 250 dues paying members plus 8 Officers, and the Entertainment, Building and Grounds, and Security Committee Chairman, except that under extraordinary circumstances the Board may authorize up to five additional Members. To read as follows: The membership of the club shall not exceed 275 full dues paying members plus half dues paying members, Life members, honorary members, all Officer slots, Security Chairman slot, Building and Grounds Chairman slot, and the Entertainment Chairman slot except that under extraordinary circumstances the Board may authorize up to five additional Members.
ADD PARAGRAPH 19. MONEY MARKET FUNDS (SINKING FUNDS OR RESTRICTED FUNDS)
All money in these funds is only to be touched as a last resort.
This last resort would be that the club has no members or not enough members to cover the lease of the Little John Lot and the land on County Route 15.
This would require a motion that would withdraw this money for only the reason listed above and be approved unanimously by the Board of Directors and if there was any members to be approved by a majority of the members at the members meeting immediately following the directors meeting with no 30 day notice in a newsletter.
The within Amendment 1 was accomplished on Miocrosoft Office Word 2000, stored on a disk for future paper products and was adopted by the Members of the Mad River Club, Inc. at the Annual Meeting on April 8, 2005.
Signed 8 April 2005 Signed 8 April 2005
______________________________ _______________________
President Date Recording Secretary Date