Section 1. The Corporation has been organized for the following purposes:
(a) To promote and develop the health, safety, common good and social welfare of the Owners and residents of the residential community developed by Community Development Incorporated, an Indiana corporation ("Declarant"), or by its successors, on all or portions of the Real Estate and shall provide for the maintenance, repair, replacement and operation of the Common Areas and the payment of taxes assessed against and payable with respect to such Common Areas.
(b) To provide, as a "homeowners association" and "residential real estate management association" as defined under the Internal Revenue Code of 1986, as amended ("Code") for the acquisition, construction, management, maintenance and care of "association property" as defined in said Code.
(c) So long as the same are in furtherance of the purpose of the Corporation described in Article III and are not contrary to any limitation or restriction imposed by the Act, the Declaration (hereinafter defined), or any other provisions of these Articles of Incorporation,
a. to exercise all the rights, privileges, powers and authority, and to perform all of the duties and obligations, of the "Corporation" (as defined in the Declaration) provided for in that certain Declaration of Covenants and Restrictions of Burton Crossing Subdivision (herein referred to as the "Declaration") applicable to all or portions of the Real Estate, which Declaration was recorded in the office of the Recorder of Marion County; Indiana on
_______ as Instrument No. _______ in Book _______, page _______ and as the same may be supplemented or amended from time to time as therein provided, said Declaration being incorporated herein by reference as if set forth at length;
b. to fix, levy, collect and enforce payment by any lawful means of all charges and assessments pursuant to the terms of the Declaration and the Act; to pay all expenses in connection therewith and all office and other expenses incident to the conduct of the business of the Corporation including, but not limited to, all licenses, taxes or governmental charges levied or imposed against the property of the Corporation;
c. to acquire (by gift, purchase or otherwise), own, hold, improve, build upon, operate, maintain, convey, sell, lease, transfer or otherwise dispose of real or personal property in connection with the affairs of the Corporation;
d. to borrow money and pledge, mortgage, deed in trust or hypothecate any or all of its real or personal property as security for money borrowed or debts incurred;
e. to transact any and all lawful business for which corporations may be incorporated under the Act;
f. to have, possess, exercise and enjoy all of the rights, privileges and powers granted to corporations by the Act, as now existing or hereafter amended, and by the common law.
(d) Notwithstanding the foregoing, the Corporation is and shall at all times be a not-for-profit corporation, and its activities shall be conducted for the foregoing purposes in such a manner that no part of its activities shall result in pecuniary remuneration to its members as such (except for reasonable compensation to members for services actually rendered) and no part of its net earnings shall inure to the benefit of any private member (other than by acquiring, constructing or providing management, maintenance and care of "association property" and other than by rebate of excess membership dues, fees, charges and assessments).
Section 2. Annexation of Additional Properties; Additions to Membership. The Corporation may, at any time, annex additional residential and common properties to the Real Estate and so add to its membership, provided that any such annexation shall have the assent of a majority of the members voting as a single class person or by proxy at a meeting duly called for this purpose, written notice of which shall be given to all members at least thirty (30) days in advance and shall set forth the purpose of the meeting.
Section 3. Mergers and Consolidations. To the extent permitted by law, the Corporation may participate in mergers and consolidation with other non-profit corporations organized for the same purposes, provided that any such merger or consolidation shall have the assent of two-thirds (2/3) of the members voting in person or by proxy at a meeting duly called for this purpose. Written notice of which shall be given to all members at least thirty (30) days in advance and shall set forth the purpose of the meeting.
Section 4. Mortgages. The Corporation shall have power to mortgage its real estate for the purpose of making improvements thereon, provided that any such mortgage shall have the assent of two thirds (2/3) of the members voting in person or by proxy at a meeting duly called for this purpose, written notice of which shall be given to all members at least thirty (30) days in advance and shall set forth the purpose of the meeting.