Lakewood Golf&Country Club - By Laws
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LAKEWOOD GOLF & COUNTRY CLUB

BY-LAWS

ARTICLE I

BOARD MEETINGS

Section 1. Regular meetings of the Board of Directors shall be held monthly at a time and place designated by the President.

Section 2. Special meetings may be called by the President upon reasonable notice to the Directors.

Section 3. A majority of the Board shall constitute a quorum.

ARTICLE II

COMMITTEES

All committees and their chairpersons shall be appointed by and serve at the pleasure of the President with the approval of the Board of Directors. Any class of member may serve on a committee.

ARTICLE III

BUDGET AND FINANCIAL MATTERS

Section 1. Budget year
The budget year of the Club shall begin on the first day of January of each year and shall end on the thirty first (31) day of December next following, but this provision shall be in addition to, and not in lieu of, any accounting and reporting required by law.

Section 2. Preparation of annual operating budget
The Manager shall obtain from all officers, committees, facilities and departments for which appropriations are made by the Club, or which collect revenues for the Club, such information as shall be necessary for him to compile the annual budget.
On the basis of the information so received and otherwise secured by him, the Manager shall prepare a proposed operating budget for the next budget year, for consideration by the finance committee.

Section 3. Scope of annual operating budget
The annual operating budget shall contain:
(A) An estimate of the unencumbered surplus or deficit at the beginning of the ensuing budget year,
(B) A reasonable estimate of revenues to be received during the year, classified according to source; but the estimated revenues from current and delinquent dues and initiation and transfer fees shall not exceed the total receivable from each such source collected during the twelve (12) months immediately preceding the beginning of the budget year for which the annual operating budget is being proposed; and

(C) Proposed expenditures for each activity in accordance with the established classification of accounts, including those capital outlays which are to be financed from the operating revenues of the ensuing year, and including all debt service requirements in full for such budget year.

(D) In no event shall the total proposed expenditures exceed the total anticipated revenues, excluding initiation-transfer fees and escrow deposits, plus the estimated unappropriated surplus, and less any estimated deficit at the end of the current budget year.

Section 4. Submission of operating budget to Board of Directors and distribution of copies.
At the regular meeting of the Board of Directors in October, the Finance Committee shall submit to the Board of Directors the proposed operating budget for the ensuing budget year in the form and with the contents specified in Section 3 hereof, together with a memorandum explaining such budget, describing its important features and outlining the proposed financial policies of the Club for said year.

Section 5. Action by the Board of Directors on operating budget.
At the regular October meeting of the Board of Directors, or at a called meeting thereafter, the Board may amend the operating budget proposed by the Committee and Manager; except, the budget as finally amended and adopted must provide for all expenditures for the operation of the Club for the ensuing budget year and for all debt service requirements for the ensuing budget year as certified by the Manager. In no event shall the total appropriations exceed the estimated fund balance (surplus from preceding years) and revenues.
The Board of Directors shall finally adopt an operating budget for the ensuing budget year beginning on the following January 1st.
The amount set out in the adopted operational budget for each organizational unit, purpose or activity shall constitute the annual appropriation for such item; and no expenditure shall be made or encumbrance created in excess of the otherwise unencumbered balance of the appropriation, or allotment thereof, to which it is chargeable. This shall not preclude the impoundment of funds or additional appropriations as provided herein.

Section 6. Allotments of appropriation
Appropriations contained in the operating budget shall be allotted by the Manager and shall be based on estimated needs. No expenditure shall be made or encumbrance created but in pursuance of an allotment and within the unencumbered balance of such allotment.


Section 7. Impoundment of funds
In the event that revenues or other resources actually realized are less than anticipated and are insufficient to meet the amounts appropriated, it shall be the duty of the Finance Committee and the Manager to impound such appropriations as may be necessary to prevent deficit operation.

Section 8. Additional appropriations
In the event that revenues or other resources actually realized are greater than anticipated, the Board of Directors may, at any regular or special meeting called for such purpose, make appropriations in addition to those contained in the current operating budget, but such additional appropriation may be made only from an existing unappropriated surplus.

Section 9. Lapse of appropriations
All unencumbered balances of appropriations in the current operating budget at the end of the budget year shall lapse into the unappropriated surplus.

ARTICLE IV

INDEBTEDNESS TO THE CLUB

Section 1. Payment is due upon receipt of the member’s monthly statement. If the indebtedness is not paid to the next billing, a late charge, in the amount specified by the Board of Directors will be added to the members account. In addition, if the indebtedness is not paid within thirty (30) days after the mailing date, the member’s name and amount due may be posted until such indebtedness is paid. If the same remains unpaid for fifteen (15) days after such posting, the Board may, at its discretion, revoke the privilege of such member to use Club facilities until such indebtedness is paid. If such indebtedness is not paid within thirty (30) days after posting, the Board may declare a forfeiture of all rights and privileges. The Board shall notify the delinquent member in writing of such forfeiture at least ten (10) days prior to actual forfeiture.

Section 2. In case of expulsion of a regular member, the certificate of membership of such expelled member shall be disposed of in accordance with Article VIII, Section 4 of the Constitution.

ARTICLE V

EXPENDITURES

Section 1. All expenditures of funds of the Club shall be by voucher check signed by two individuals authorized by resolution of the Board of Directors.

Section 2. No liability, except ordinary current expenditures, shall be contracted on behalf of the Club until an appropriation for same has been made by the Finance Committee and approved by the Board of Directors, or unless specially ordered by the Board of Directors.

ARTICLE VI

APPLICATION FOR MEMBERSHIP

Section 1. Application for membership shall be made in writing on forms furnished for that purpose. They shall be signed by the applicant and sponsored by a certificate holding member.

Section 2. Final approval of the application will be made by the Board of Directors by a majority vote. Applications for membership who are rejected shall be ineligible for reconsideration for a period of six (6) months thereafter. In the event of rejection of an application for membership, the Secretary will immediately return to the applicant all monies deposited with the Club.

ARTICLE VII

TRANSFER FEE

Upon transfer of a certificate, the transfer fee, as provided in Article IX, Section 5, and Article VI, Section 2 of the Club Constitution shall be an amount as set by the Board of Directors.

ARTICLE VIII

MEMBERS

Section 1. Members expelled from the Club shall not be extended any privileges of the Club for twelve (12) months (including guest privileges).

ARTICLE IX

DUES

All dues and service charges shall be as fixed by the Board of Directors from time to time. All assessments recommended by the Board shall be specific as to amount and method of payment.










ARTICLE X

REPEAL OF BY-LAWS

These by-laws may be altered, changed, or repealed by a vote of two-thirds (2/3) of the members of the Board of Directors.

ARTICLE XI

AUTHORITY OF THE MANAGER

Section 1. Be it resolved that the Manager be empowered to supervise and oversee all financial aspects of Lakewood Golf & Country Club, including but not limited to the clubhouse, golf course, tennis courts, swimming pool, and all other related facilities. Only the Board of Directors by majority vote, may add to, override, or subtract from his financial authority. Further, no committee chairman or committee, or individual director of the Board may usurp his authority or create any Club expense without his express approval in writing. A proposed annual budget shall be submitted by the various department heads and committee chairmen, which budget shall be approved by the Board of Directors and thereafter enforced by the Manager.

ARTICLE XII

VOTING

Section 1. All voting rights of the Club shall be vested in the certificate member. Such member shall be entitled to one (1) vote at all membership meetings. No certificate member will be allowed to vote that is in arrears financially to the Club. Voting shall be in person or by signed proxy such as the Board of Directors may direct.
Section 2. Every member entitled to vote at a meeting of the members, annual or special, may appear, vote, and exercise any other rights pertinent to the share either in person or by his or her duly authorized agent appointed by a proxy duly executed and filed with the secretary of the corporation. A proxy form shall be mailed with the written notice of meeting to every person entitled to vote at an annual or special meeting of the members. If a member, entitled to vote at a meeting of the members, does not (1) appear in person at a meeting of the members, or (2) does not appoint by duly executed and filed proxy an agent to vote and exercise any other rights pertinent to said member’s share and (3) a quorum is not met according to the Club Constitution, Article V, Section 4, that member shall be deemed to have authorized and appointed the Board of Directors to vote his/her share at said meeting of the members.

ARTICLE XIII

RULES

The Board of Directors shall have the authority to promulgate rules for the operation and maintenance of Lakewood Golf & Country Club which shall be binding upon the members of said club.


 
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Lakewood Golf & Country Club
1900 Country Club Drive - Tullahoma,  TN  37388

Phone: 931.455.8770 - Fax: 931.454.0757 - Email: