Regency Oaks - Call to Action
We, the undersigned members of Regency Oaks, call upon the Regency Oaks Board of Directors to execute the following responsibilities as called for in the bylaws:
- Publicly announce and appoint a Director to replace the vacated Treasurer seat by May 25, 2018; and
- Hold an Association annual meeting by June 2nd, 2018. The annual meeting should include a director election, 2018 budget presentation, and 2017 Statement of Activity (i.e. Income Statement).
In the event that the above listed responsibilities are not performed by the identified dates, the undersigned members of Regency Oaks hereby petition the Board of Directors to set the earliest reasonable date, time, and place for a special membership meeting for the purpose of holding a vote on the removal and replacement of the current Board of Directors.
As called for in the bylaws Article II, Section 3: “it shall be the duty of the President to call a special meeting of the Association if so directed by resolution of a Majority of the Board of Directors or upon a petition signed by at least twenty-five percent (25 %) of the Total Association Vote…No business shall be transacted at a special meeting, except as stated in the notice.”
This action is being made in accordance with Article III, Section 6 of the bylaws. While Directors may be removed without cause, there is cause for removal due to the unknown financial state of the association, potential misuse of association funds for Director’s personal expenses, and tenuous residential status of the Directors. These factors along with ignoring repeated calls for financial transparency make immediate removal a necessity to save our association from financial harm.
Note: All signers must be Regency Oaks Members