Bylaws Highlights
Hi, Cedar Glen Estates Co-op Members. I’ve heard that some members would like more explanation of what’s contained in the Bylaws. Below are highlights that you may be interested in.
Generally, Bylaws are a legal document that the State uses to define the Co-op’s purpose, how co-op-wide decisions are made, and how it holds itself accountable. The Post-Closing Bylaws you received are all checked by the Co-op's lawyer and line with Oregon Law.
Keep in mind that I’m describing the proposed Post-Acquisition Bylaws below. The current Bylaws you’re operating under are much simpler. Also note that the proposed Post-Acquisition Bylaws won't go into effect until after the Co-op has purchased the Park.
If you have any further questions after reading through this list of highlights, please feel free to post them in this forum.
-Shawn Furst, Cedar Glen Estates Co-op Acquisition Organizer
Sections:
PURPOSE
The purpose of the cooperative is to preserve the park as a manufactured home park (MHP), and keep it affordable for its residents.
MEMBERSHIP
There is one vote per member, and one member per space
Members have a perpetual right to occupy their home in the park - this is a unique feature of cooperatively-owned parks: as long as you follow the rules and pay your rent, you can live in the park in perpetuity.
After acquisition, all new residents in the park must become members to live there. Current residents may choose to remain non-members.
The membership fee will be $100
There are a few bylaws about how termination of memberships work (this is generally rare in MHP co-ops).
HOME SALES
Members must own their homes, and reside within the park as their primary residence
Members who sell their homes must market the home to low-to-moderate income buyers. This shouldn’t be a hassle - if you sell your home, tell your broker about the requirement. This is to help ensure the park remains affordable. Note that this does not mean that you won’t be able to collect equity in your home! If the housing market continues as it is, your home will gain value and you’ll be able to sell it for the price you agree upon with your broker.
Homes must be owner-occupied
VOTING
At least ⅓ of members must vote in order for that vote to be valid.
Members vote on the following matters (the rest is decided on by the Board):
Board elections
Space rent changes
Changes to the Bylaws and Rules & Regulations
The park’s Capital Improvement Plan
Annual budget
3 Member-approved policies: Code of Ethics, Procurement, and Conflict of Interest
Emergency expenditures over $2,500 don’t require a vote of the membership, but the membership must be notified after the money is spent
Voting methods can be via mail or in person
ANNUAL AND SPECIAL MEETINGS
The Co-op will have an annual meeting each year, where the board (along with the Property Manager) will report on the prior year, and the members will vote on the budget, board members, and whatever else needs to be voted on at that time.
Special meetings of the members can be called for votes that are needed outside of the Annual Meeting.
Members must be notified of the Annual or Special Meeting at least 7 days in advance of the Meeting, but not more than 30 days in advance.
BOARD OF DIRECTORS
5 members will serve on the Board
Board terms are 2 years and will be staggered so you don’t lose your whole board at once. At the first election of the post-acquisition board, some will be elected for 1 year and some for 2 years to create this staggered board membership.
Board members can’t serve for more than 3 consecutive 2-year terms. They can take a year or two off and then run again, though.
Board vacancies can be filled by a vote of the Board (not the membership)
Board meetings will be held monthly
Special meetings of the board can be held, too
All board meetings are open to the membership, though the Board can go into Executive Session if needed to discuss confidential matters (for example, to discuss a membership application or delinquent rents and what to do about them).
Directors serve without compensation
Directors may be removed from the Board by a vote of the membership
BOARD OFFICERS
This section details how Board Officers are elected and what their responsibilities are
DISSOLUTION
If the Co-op’s membership ever decides to sell the park, the income generated from the sale won’t go to the individual members. Rather, the sale will be used to pay off debts, and any surplus can only go to one of a short list of recipients, namely
Another MHP Co-op
A charity or non-profit
A religious corporation
The US, the State, or a local government
A housing authority