General Meeting on 2/19
Notice of General Meeting
Wednesday, February 19, 2014 @ 7:30 pm
Thibodeau Residence
7722 Savannah Drive
Bethesda, Maryland 20817
Feb. 4, 2014
To All Seven Locks Equity Members:
In accordance with the By-laws, the Board is hereby inviting you to a general meeting of all Equity Members which will take place on Wednesday, February 19, 2014 at 7:30 pm at 7722 Savannah Drive, Bethesda, MD 20817.
The agenda for the general meeting will be as follows:
I. Amendment to the Bylaws:
Currently, the Bylaws require the Board to establish the annual operating budget and related annual dues and other charges during a General Meeting convened for this purpose in the month of March. The Board believes that it would be beneficial for the members to establish the annual operating budget and related annual dues earlier in the year, but not later than March. This way, the Board would be able to communicate the annual dues earlier to its Members. To that end, the Board recommends an amendment to Section 2 of Article VIII of the Bylaws, the result of which will be to permit the Board to convene the Equity Members for such purpose any time before the end of March. See the suggested language in red in the Annex to this invitation.
II. Proposal and approval of annual operating budget of the Association for 2014.
Subject to the approval by the majority of the Equity Members in attendance at the General Meeting of the previous agenda item, the Board will submit the 2014 annual operating budget for approval by the majority of the Equity Members in attendance at the General Meeting.
III. Annual dues and membership fee structure.
Subject to the approval by the majority of the Equity Members in attendance at the General Meeting of the first agenda item, and the approval by the majority of the Equity Members in attendance at the General Meeting of the 2014 annual operating budget, the Board proposes the following annual dues and membership fee structure:
• New equity (bonded) member: one time membership fee/capital contribution: $850 (or three installments of $300)
• Returning equity (bonded) member:
* Family: $650 annual dues
* Couple: $550 annual dues
* Individual: $450 annual dues
• 2014 Seasonal (summer) membership (if available): $950
IV. Review Tennis Bubble Proposal
V. Other Business
In accordance with the By-Laws, the Equity Members in attendance at the Annual Meeting may transact such other business as may properly be brought before the meeting.
