ANNEX TO SEVEN LOCKS GENERAL MEETING INVITATION

PROPOSED CHANGE TO BYLAWS – Article VIII “Dues / Annual Operating Budget” – Section 2.

Current Language:

ARTICLE VIII – Dues / Annual Operating Budget

Section 1. The Board of Directors shall recommend annual dues and per capita apportionment for Equity Membership and Summer Membership, necessary for the expenses of the Association and proper maintenance and improvement of its property.  The Board may distinguish dues among different categories of Equity Membership, including family membership, individual membership, membership for seniors, veterans or any other distinction or structure the Board may deem reasonable at its discretion.

Section 2. The total amount to be realized from annual dues and other charges shall be determined on the basis of an annual operating budget, prepared by the Board of Directors and approved by a majority of the Equity Members present at a meeting called for this purpose during March of each year.

Proposed Amendment to Section 2 – To be approved by General Meeting:

ARTICLE VIII – Dues / Annual Operating Budget

Section 1. The Board of Directors shall recommend annual dues and per capita apportionment for Equity Membership and Summer Membership, necessary for the expenses of the Association and proper maintenance and improvement of its property.  The Board may distinguish dues among different categories of Equity Membership, including family membership, individual membership, membership for seniors, veterans or any other distinction or structure the Board may deem reasonable at its discretion.

Section 2. The total amount to be realized from annual dues and other charges shall be determined on the basis of an annual operating budget, prepared by the Board of Directors and approved by a majority of the Equity Members present at a meeting called for this purpose before the end of during March of each year.