December 18, 2007 Annual General Meeting & Election

 

The Annual Meeting of Brittany Lakes Homeowners Association, Inc. (the ?Association?) was held at 7:00 p.m. at Bauerschlag Elementary School, 2051 League City Parkway, League City, Texas pursuant to the notice attached hereto as Exhibit ?A?.

Directors in attendance were Elizabeth ?Beth? Scully, Linda Lorch and Eli Mark. Also in attendance was Janet Sakach, CMCA, PCAM representing Planned Community Management, Inc. (?PCMI?).

Since a quorum was not present at the initial annual meeting called on November 8, 2007 where the quorum requirement is one tenth (1/10) of the membership or 128 lots represented, a recall meeting was assembled on Tuesday, December 18, 2007 where the quorum requirement is one twenty (1/20) of the membership or 64 lots represented. There were 99 members represented either by proxy or in person out of 1278 total lots. Since a quorum was present at this recall meeting, the meeting was called to order at 7:03 p.m. by President Elizabeth Scully.

Mrs. Scully introduced the Association Board of Directors present and the manager. She then explained the proposed amendment to the By-laws of the Association to increase the size of the Board of Directors from three (3) members to five (5) members and then the names of each volunteer nominated to be a candidate for a position on the Board of Directors were read aloud. Only one candidate was present at the meeting and he was asked to address the membership. Afterwards, the members were asked if there were any other volunteers to be candidates. Since there were no other volunteers to be candidates, the members were asked to mark their ballots. The ballots were collected by the manager, Mrs. Sakach, and the ballots and proxies were counted.

Meantime, the financial condition of the Association was discussed. Members in attendance were presented with a 2007 projected and actual expenses and 2008 budget summary.

The next topic of discussion was the confirmation of rollover. Upon a motion duly made and seconded, the following was:

RESOLVED, that any excess assessments for taxable year 2007 which exist over and above the actual expenses paid or incurred for said year shall be applied against the following year’s assessments for operating expenses.

Next, Mrs. Scully gave an update to the membership on several achievements and projects completed in the year 2007. Questions were also answered from members present.

Following this discussion, a plaque was given to Beth Scully expressing appreciation for years of service on the Board of Directors from 2002 to 2007.

Then, the results from the voting on the ballots and proxies were announced. The number of votes cast in favor of amending the By-laws exceeded two thirds (2/3) of the quorum of the membership voting either present by ballot or by proxy. Since the amendment to the By-laws was approved by the membership, three members were elected to director positions. The three candidates that received the highest number of votes were Todd Edwards, Michelle Nickel and James Vance, who will serve for two year terms

There being no further business, the meeting was adjourned at 8:10 p.m.

________________________________
Linda Lorch, Secretary

RE:   ROLLOVER OF OPERATING FUNDS

WHEREAS, Brittany Lakes Homeowners Association, Inc. (the “Association”) is a

Texas non-profit corporation duly organized and existing under the laws of the State of

Texas; and

WHEREAS, the members of the Association desire that the corporation shall act in full

accordance with the rulings and regulations of the Internal Revenue Service;

NOW, THEREFORE, the members of the Association hereby adopt the following

resolution by and on behalf of the Association:

RESOLVED, that any excess assessments for taxable year 2007 which exist
over and above the actual expenses paid or incurred for said year shall
be applied against the following year’s assessments for operating
expenses.

This Resolution is adopted and made a part of the Minutes of the annual meeting of Brittany Lakes Homeowners Association, Inc. held on December 18, 2007.

By:   _______________________________
Eli Mark, Vice President