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Page 1 of 3, By-Laws of Beaver Shores Property Association Inc.

-L

AWS OF

EAVER

HORES

ROPERTY

WNERS

SSOCIATION

, I

(Last updated 9/05/97)

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I. D

EFINITIONS

The “Association” shall mean and refer to the Beaver Shores Property Owner’s Association, Inc., a non-profit group corporationorganized and existing under the laws of the state of Arkansas.The term “District” as used in this declaration shall mean, unless and until extended as hereinafter provided, all of the aforesaid landin Benton County, Arkansas according to the recorded survey thereof, plotted and known as Beaver Shores Incorporated.The term “Unit” refers to the Units within the Beaver Shores sub-division, of which there are a total of eight.The term “Owners” as used herein shall mean those persons who may, from time to time, own lots and/or tracts of within the district

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II. L

OCATION

The principal office of the Association shall be at 16033 Cypress Lane, Rogers, AR 72756.

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III. M

EMBERSHIP

Membership is open to all property owners of Beaver Shores and will consist of those property owners which have paid-upmembership dues as assessed by the Association. Each household shall constitute one membership and have one vote. TheAssociation shall have but one class of members and will not discriminate because of race, color, religion, or ethnic background.

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IV. P

URPOSE AND

OWERS

This Association is a civic, non-profit organization, and shall not include any business endeavor whatsoever, except such endeavorsthat as may be necessary to carry out and enforce the purposes enumerated in this section.The purpose of this Association is to look after the community needs of Beaver Shores, to promote Beaver Shores as a neighborly,healthful, environmentally attractive residential community, and to protect sub-division covenants.

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V. M

ETHOD OF

ROVIDING

ENERAL

UNDS

For the purpose of providing a general fund to enable said Association to further the purpose and aims of the Association, all said property owners subject to this declaration shall be subject to an annual assessment of $20.00 to be paid to the Association. TheAssociation shall set the amount of the assessment from year to year upon approval of said amount by the members of the Association.The Association shall operate on a calendar year basis, January 1 to December 31. Only those memberships which have been paid bythe time of the annual meeting or any called meeting, can vote.

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VI. M

EETINGS OF

EMBERS

Section 1

An annual meeting of the members shall be held in April at a place and on a date designated by the President ofr the election of members to the Board of Directors and for the transaction of any other business as may come before the meeting.

Section 2

Special meetings of the membership for any purpose may be called at any time by the President or by any two or more members of theBoard of Directors, or by written request signed by twenty-five members or more of the membership.

Section 3

Written or printed notice stating place, day and hour and of any annual meeting or any special meeting of the membership shall bedelivered by mail or in person at least one week prior to the meeting. The purpose shall be stated for all special meetings.

Section 4

At any annual or special meeting, those memberships present shall constitute a quorum at such meeting.

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VII. P

ROXIES

Section 1

At all duly constituted meetings of the membership, each membership may vote in person or by proxy

Page 2 of 3, By-Laws of Beaver Shores Property Association Inc.

Section 2

ALL proxy votes must be filed with the Board of Directors Secretary prior to the opening of the meeting

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VIII. B

OARD OF

IRECTORS

The management of the affairs of the Association shall be vested in a Board of Directors, and a Director shall be a member of of theAssociation. The number of Directors shall be a minimum of three and a maximum of fifteen, and a change in the number of Directorswithin this range may be made at any annual meeting of the Association.Any Director elected to fill a vacancy shall serve until the expiration of the term of the Director whose position was filled. The termsof all Directors shall be staggered two year terms and no Director shall serve more than six successive years.

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IX. E

LECTION OF

IRECTORS AND

OMINATING

OMMITTEE

Section 1

The election of the Board of Directors shall be by majority vote as hereinafter provided. At such election, the memberships or their proxies may cast one vote in respect to each vacancy in their unit. The name or names receiving the largest number of votes shall beelected from that unit.

Section 2

A Nominating Committee shall make nominations for election to the Board of Directors, which shall be a standing committee of theAssociation. The Nominating Committee shall consist of a chairman, and two or more members of the Association. The NominatingCommittee shall be appointed by the Board of Directors before each annual meeting, until the close of the next annual meeting, andsuch appointment shall be announced at each annual meeting.

Section 3

Names submitted to the Nominating Committee shall be representative of the several areas of the District, according to themembership population in each unit as can best be determined, providing that each unit has at least one representative on the Board of Directors regardless of the number of memberships within the unit. It is further provided that no unit shall have more than four representatives. If no candidate is available from a unit, that slot will go into a pool for distribution among the other units.

Section 4

A Director must live within the unit he/she is representing, and only one Director shall come from a membership household.

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X. E

LECTION OF

IRECTORS AND

OMINATING

OMMITTEE

Section 1

The Board of Directors shall have power:A.

To appoint and remove all officers, agents, and employees of the Association, prescribe their duties, fix their compensationand require of them such security or fidelity bonds as it may deem expedient. Nothing contained in these by-laws shall beconstrued to prohibit the employment of any members, officers or Directors of the Association in any capacity whatsoever.B.

To propose, levy, and assess ad collect assessments or charges or dues; such levies, dues, assessments and charges must beapproved by the membership.C.

To exercise for the Association all powers and authority vested in or delegated to the Association. Any property or equipment shall not be acquired or disposed of whose value is in the excess of $300 except by a favorable vote of themembership taken at a special or annual meeting.D.

In the event that any member of the Board of Directors shall be absent from three or more consecutive regular meetings of theBoard of Directors, the Board may, by action at the meeting during which said member’s third or subsequent absence occursdeclare the office of said member to be vacant.

Section 2

It shall be the duty of the Board of Directors:A.

To cause to be kept a complete record of all acts and corporate affairs and to present a statement thereof to the membership atthe annual meeting.B.

To hold a regular monthly meeting as a place designated by the President.C.

To hold special meetings of the Board of Directors when called for by the President or any two members of the Board. Allmembers of the Board are to be notified.D.

To provide for an annual audit of the Treasurer’s records covering the calendar year and using a person or agency notconnected with the Board of Directors.