[Note: The following is a scanned copy of the General Operating Rules and Regulations with changes incorporated as amended on November 5, 2000. It has been proofed but may still contain discrepancies relative to the original document.]
These Operating Rules and Regulations, as may be amended by a duly called meeting of the Membership as provided herein above, are incorporated in the Operating Agreement by reference, but where in conflict with any North Carolina General Statute as stated in the Operating Agreement, the General Statute provision of the Operating Agreement shall prevail.
1. The Managers shall be responsible for the enforcement of these Operating Rules and Regulations.
2. Amendment shall be at a duly called meeting, as provided herein below, by a vote of 65% of percentage interest of members.
3. The Managers shall schedule the Members use of the premises, with the intent that each Member family shall have the use of the premises for four (4) weeks during a calendar year. If that Member does not personally use the premises during his or her scheduled week, he or she may permit a member of his or her family to use the premises, but the Member shall be responsible for the premises during that time.
4. Member meetings shall be held at least annually, by written notice, from one or more of the Managers, addressed to each Members last known address, stating the time, place, and purpose of the Meeting. The notice must he mailed to each Member at least ten (10) days prior to the scheduled Meeting. A Special Meeting may be called by fifty percent (50%) of the Members using the same procedure as above, except written notice of a Special Meeting will not be required if each Member signs a Waiver of Notice.
5. A quorum for any regular or special meeting of Members shall require a sixty-five 65% attendance of percentage interest of Members.
6. All Meetings of Members shall be conducted by Roberts Rules of Order, as revised.
7. The Managers shall provide each Member an Annual Financial Report given to each Member not more than sixty (60) days past the end of a calendar year.
8. The LLC legal documents, minutes of Manager meetings, and financial information, shall be maintained at a location designated by the Managers and shall be open for inspection by any Member, during business hours, upon at least fifteen (15) days prior written notice to the Managers.
9. A capital call, shall require the approval of 65% of percentage interest of Members voting at an annual or special meeting of the members.
10. The Managers may adopt such other rules and regulations necessary for the routine operation of the premises and the conducting of the LLC business.