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Are they not holding annual meetings or do they have insufficient quorum to hold one? I would suggest in addition to your CC&R’s which should answer your question of what they can impose or use a SA for if not you may need to consult an attorney. You need to read both the NC non-profit corporation statutes and the NC condominium statutes in addition to your CC&R's.
http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_55A.html
http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_47C.html
47C‑4‑103. Public offering statement; general provisions.
(5) Any current balance sheet and a projected budget for the association, either within or as an exhibit to the public offering statement, for one year after the date of the first conveyance to a purchaser, and thereafter the current budget of the association, a statement of who prepared the budget, and a statement of the budget's assumptions concerning occupancy and inflation factors. The budget must include, without limitation:
a. A statement of the amount, or a statement that there is no amount, included in the budget as a reserve for repairs and replacement;
b. A statement of any other reserves;
c. The projected common expense assessment by category of expenditures for the association; and
d. The projected monthly common expense assessment for each type of unit;
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55A‑7‑03. Court‑ordered meeting.
(a) The superior court of the county where a corporation's principal office, or, if there is none in this State, its registered office, is located may, after notice is given to the corporation and upon such further notice and opportunity to be heard, if any, as the court may deem appropriate under the circumstances, summarily order a meeting to be held:
(1) On application of any member if an annual meeting was not held within 15 months after the corporation's last annual meeting; or
(2) On application of a member who signed a demand for a special meeting valid under G.S. 55A‑7‑02, if the corporation has not held the meeting as required by that section.
(b) The court may fix the time and place of the meeting, specify a record date for determining those persons entitled to notice of and to vote at the meeting, prescribe the form and content of the meeting notice, fix the quorum required for specific matters to be considered at the meeting (or direct that the votes represented at the meeting constitute a quorum for action on those matters), and enter other orders necessary to accomplish the purpose or purposes of the meeting.
(c) If the court orders a meeting, it may also order the corporation to pay all or part of the member's costs (including reasonable attorneys' fees) incurred to obtain the order. (1993, c. 398, s. 1.)
Studies show that 5 out of 4 people have problems with fractions