ARTICLE I: ORGANIZATION
Section 1. This organization shall be known as The Historical Organization of Ferger Place, Inc.

ARTICLE II: PURPOSE
Section 1. To arouse and maintain an enthusiastic interest in various phases of the historical area of Ferger Place; to lend all possible support in maintaining Ferger Place as an original historical community, including all dwellings and/or property within the area.
   (1) To purchase, lease, acquire, construct, erect, own, hold, operate, and maintain the buildings and land for the benefit of the residents hereof and otherwise, to buy, sell, lease, mortgage, or maintain real and personal property of every kind or description which may become necessary or desirable to the fullest development of the historical area of Ferger Place.
   (2) To borrow or lend money on bonds, notes, mortgages, deeds of trust, or otherwise to use for the Corporation.
   (3) To accept gifts of property, real or personal, and to accept voluntary uncompensated services.

ARTICLE III: MEMBERSHIP
Qualifications for Membership:
Subject to the other provisions of these by-laws, any person who is a home owner in Ferger Place shall be eligible for membership in the Corporation upon payment of a membership fee [$20 annually]. One vote per household shall be allowed in elections.

ARTICLE IV: DUTIES OF THE BOARD OF DIRECTORS
The Officers of the Historical Organization of Ferger Place, Inc. shall consist of President, First Vice-President, Secretary, Treasurer, and five Directors elected from the membership at large. The executive officers and five directors shall constitute the Board of Directors and shall serve for a term of one (1) year. The Fiscal Year will be from September to September. The officers shall be held to a 2-year term limit. If at the end of the two years, any officer's position cannot be filled, an extension may be granted to that incumbent Board member. If a vacancy occurs in a Board position, the remaining Board of Directors will appoint replacement(s) as needed to complete the term.

Board of Directors:

(1) President. The president shall be the principal executive officer for the Corporation and shall preside at all meetings of the Corporation. The president shall establish such committees as in its discretion may be necessary for administering the affairs of the Corporation. The president shall sign or countersign all bonds, checks, letters issued by the Corporation as directed by the Board.

(2) Vice-President. In the absence of the president, the vice-president will perform the regular duties of the president and when so acting shall have all the powers of and be subjected to all restrictions of that of the president. The vice-president will also serve as Projects Chairman for the Corporation, working with all committees as appointed by the president.

(3) Secretary. The secretary shall keep the minutes of the meetings of the Board of Directors and Officers, and preserve same in a permanent record and:
- shall see that all notices are duly given in accordance with these by-laws and as further directed by the Board of Officers.
- shall keep a record of the membership, addresses, phone numbers of the members.
- shall keep on file at all times a complete copy of the by-laws of the Corporation, containing all amendments thereto, which a copy shall always be open to the inspection of any member of the Corporation.

(4) Treasurer. The treasurer shall deposit in the name of the Corporation all funds received by the Corporation in such bank(s) as the Board may designate, and:
- shall keep a records book on funds of the Corporation and make monthly reports to the Board of Directors of receipts, expenditures, and balances, and shall submit an annual report as requested by the Board.
- shall maintain individual records as to membership dues and shall notify all members delinquent in paying same.
- shall be bonded in an amount to be determined by the Board, if the Board deems bonding necessary.

(5) Directors. The Directors will meet with the Executive Committee, thus constituting the Board of Directors.

ARTICLE V: MISCELLANEOUS PROVISIONS
Section 1. No officer or director shall receive any compensation for his services in such capacity.
Section 2. No member of the Corporation shall profit financially, directly or indirectly from any of the Corporation's activities, except that any member who may in fact be employed on a part-time basis with approval of the Board of Directors to perform services for the Corporation may be paid a reasonable salary for the services actually rendered.

ARTICLE VI: MEETINGS
Section 1. Quarterly Meetings. Quarterly meetings of the Board of Directors shall be held to conduct business for the Corporation. A majority of the Board of Directors shall constitute a quorum.
Section 2. Annual Meetings. There shall be one (1) annual meeting of the total membership; the place and time shall be decided by the Officers and Board of Directors.
Section 3. Special Meetings. Special meetings of the membership of the Corporation may be called upon the decision of the Officers and Board of Directors.

ARTICLE VII: ELECTION OF OFFICERS
In July, two months prior to the annual September meeting of the Corporation, the president shall appoint a nomination committee of three (3) members whose duties shall be to present for nomination a list of officers and directors. (To be eligible for an officer's position, you must have been a resident of Ferger Place for one year and be a member of the Corporation.) Such list shall be presented to the neighborhood two weeks prior to the annual meeting. Absentee votes will be accepted once the roster of candidates is given to the neighborhood. The secretary will hold absentee ballots, which must be signed and sealed in an envelope, to be opened at the annual meeting. A majority of the members voting will rule.

ARTICLE VIII: AMENDMENT TO BY-LAWS
These by-laws or any part thereof may be amended or repealed by the Board of Directors, and voted on by the Corporation membership; majority rules.