DeborahL8 (Virginia)
Posts: 6
Posts: 6
Posted:
I would like to verify our Board is on the right page in adopting changes to the Amendments.
Our Articles of Incorporation say it formed a "stock" corporation under provisions of Chapter 10 of Title 13.1
There has never been stock issued and the assumption has been we are a non-stock Corporation. Am I missing something here? (BTW, I have lived here 22 years and never have seen the Articles of Incorporation....should all members have a copy of this?
My main question though being a Board Member and approval of Amendments. Upon checking the Articles there is no mention of Board Authority to amend, only states the affairs of the Corp shall be managed by the BOD.
We are in the approval stages of updating Bylaws and it was brought to our attention by our association attorney a vote is not required by the membership for approval. (our Bylaws currently do not address this area) Under duties of the Board of Directors (same as acting Officers in our amendments) states "cause to be kept a complete record of all its acts and corporate affairs and present a statement to the members, etc." Nothing really definitive about the approval process to change.
Nothing is mentioned in our Declaration of Covenants on this subject either.
Are we then to follow under Title 13.1-892. Finally, if the board approves may it still be put before the membership for approval? Our changes are pretty standard and should not present approval problems so we're thinking that to maintain the unity of our association that all members should have a voice and a vote.
I will say in our changes we did not include any changes to voting procedures.
Thank you.
Our Articles of Incorporation say it formed a "stock" corporation under provisions of Chapter 10 of Title 13.1
There has never been stock issued and the assumption has been we are a non-stock Corporation. Am I missing something here? (BTW, I have lived here 22 years and never have seen the Articles of Incorporation....should all members have a copy of this?
My main question though being a Board Member and approval of Amendments. Upon checking the Articles there is no mention of Board Authority to amend, only states the affairs of the Corp shall be managed by the BOD.
We are in the approval stages of updating Bylaws and it was brought to our attention by our association attorney a vote is not required by the membership for approval. (our Bylaws currently do not address this area) Under duties of the Board of Directors (same as acting Officers in our amendments) states "cause to be kept a complete record of all its acts and corporate affairs and present a statement to the members, etc." Nothing really definitive about the approval process to change.
Nothing is mentioned in our Declaration of Covenants on this subject either.
Are we then to follow under Title 13.1-892. Finally, if the board approves may it still be put before the membership for approval? Our changes are pretty standard and should not present approval problems so we're thinking that to maintain the unity of our association that all members should have a voice and a vote.
I will say in our changes we did not include any changes to voting procedures.
Thank you.