National House and Farms Association, Inc. (NH&FA) purchased over 700 acres of land in Oakland in 1936 for the purpose of developing and selling lots. NH&FAI incorporated Ramapo Mountain Lakes Inc as a New Jersey corporation in 1944. It subdivided the lots and built roads and houses from the 1940's through 1954. Each property owner received one voting share in Ramapo Mountain Lakes Inc for each lot purchased.
Nearly all shares have been lost over the years. Based on changes to the Bylaws, membership in RML is definitively established through the Bylaws. The number of shareholders has been significantly reduced through de-annexation which occurred in response to a 2018 lawsuit and judgment as well as an optional right of de-annexation established by the shareholders in 2024.
A list of shareholding properties can be found here.
RML shareholder in Good Standing have access to Crystal Lake and Mirror Lake for boating (non-gas-powered boats only) and fishing.