A Common Interest Community
Excerpts Restated from the Public Offering Statement
Fernbank Subdivision at Cress Creek Unit Owners Association is organized as a “not for profit” corporation under the laws of West Virginia. The membership of the Association at all times consists exclusively of all the Unit Owners.
A Common Interest Community is a Planned Community and is a form of real property ownership in which the Unit Owner is (1) the sole owner of a designated parcel of real estate and the improvements thereon and is (2) a Member of a Unit Owner’s Association which owns and maintains the Common Elements and Limited Common Elements within the Common Interest Community. Each Unit Owner, by virtue of his or her ownership of a Unit , has a proportional vote in the government of the Association equal to each other Unit Owner, and shares proportionately in the common expenses of the Association.
The management and administration of the affairs of the Association is performed by an Executive Board, which acts in all instances on behalf of the Association, except as provided in Declaration of Covenants, Conditions and Restrictions; Bylaws or the Act (i,e, WestVirginia Uniform Common Interest Community Act). The Executive Board consists of the number of members fixed by the Bylaws, but not in any event less than three (3) members who elect officers consisting of a President, Vice-President, secretary and Treasurer. The Executive Board may employ a managing agent to whom it may assign or delegate the responsibility for the performance of the management functions of the Association. The powers and duties of the Association, officers and managing agent are provided for in the Bylaws.