BarbaraS (New Mexico)
Posts: 49
Posts: 49
Posted:
All of you have been so helpful in the past. Here is our present problem. Our BOD is in the process of amending/revising outdated 20-year-old covenants which require 75% approval for changes. We have mailed drafts and solicited input from all owners with only 30% return. (This is par for the course.) The BOD will mail out a second request for input. Are we in our rights to state " Please reply by (date). With no response the BOD will act as your proxy in regard to amending/changing the existing covenants." Or do we have to get signed proxies from these owners? Does anyone have a proxy statement format? What if the proxie statements are not returned either?