PURPOSES, DESIGNATION, AND DEFINITIONS
SECTION 1.1 PURPOSES. The purposes of the Corporation are to perform any purpose which nonprofit corporations are authorized under the Act.
SECTION 1.2 DESIGNATION AND POWERS. The Corporation shall be considered a mutual benefit corporation and shall have all the powers of a nonprofit corporation authorized under the Act.
SECTION 1.3 DEFINITIONS. The following terms as used in the Bylaws shall have the meanings stated, unless the context clearly indicates a different meaning is intended:
1.3.1 “Act.” The Indiana Nonprofit Corporation Act of 1991 (IC 23-17), as amended.
1.3.2 “Articles.” The articles of incorporation as adopted by the Corporation and as approved by the Indiana Secretary of State, and all amendments to those articles.
1.3.3 “Assessment.” A regular or special assessment, or all other sums lawfully assessed a Lot pursuant to the Restrictive Covenants or the Act.
1.3.4 “Board.” The board of directors of the Corporation.
1.3.5 “Bylaws.” These bylaws of the corporation, and all amendments to these bylaws.
1.3.6 “Corporation.” The Association of Chandler’s Landing, Inc., an Indiana nonprofit corporation, and its successors and assigns.
1.3.7 “Developer”, or in the plural, “Developers.” North Eastern Construction Co., Inc. or any other person or entity who or which acts as a Developer in the platting of a Section in the Subdivision and their successors and assigns.
1.3.8 “Effective Date.” The date the Bylaws is adopted by the Board.
1.3.9 “Director”, or in the plural, “Directors.” Any duly elected director of the Board.
1.3.10 “Lot”, or in the plural, “Lots.” A platted lot in the Subdivision.
1.3.11 “Member”, or in the plural, “Members.” A member of the Corporation.
1.3.12 “Owner”, or in the plural, “Owners.” The recorded owner(s), whether one or more persons or entities, of fee simple title to the Lots, including contract sellers, but excluding those having an interest in a Lot merely as security for the performance of an obligation.
1.3.13 “President.” The duly elected president of the Corporation.
1.3.14 “Restrictive Covenants.” The recorded Dedication, Easements, Protective Covenants, Restrictions and Limitations for each Section of the Subdivision, and any amendments and restatements of them.
1.3.15 “Secretary.” The duly elected secretary of the Corporation.
1.3.16 “Section.” A platted section of the Subdivision, which may be specifically identified by reference to a particular section number.
1.3.17 “Subdivision.” Collectively, all Sections of Chandler’s Landing, according to the plats thereof as recorded in the office of the Recorder of Allen County, Indiana, and all future platted sections of the Subdivision.
1.3.18 “Treasurer.” The duly elected treasurer of the Corporation.
1.3.19 “Vice President.” The duly elected vice president of the Corporation.