BY L/\ WS Of

KEYSTONE SUBDIVISION PROPERTY OWNERS /\SSOC I/\TI O.

AN ARKANSAS NON-PROFIT CORPORATION

A RTICLE f

MEMBERSHIP

Membership in Keystone Subdivision Property Owners Assoc iation shall be restr icted to the
owners or lots within Keystone Subdivis ion, Bentonville, Arkansas. Each lot shall represent one
membership.

ARTICLE II

MEET INGS OF TH E ASS OCIA TlON

I . Meetinrrs. Keystone Subdivision Property Owners Assoc iation shall meet no less than
once per year at a time and place to be determined by the Property Owne rs Association executi ve
committee. Notice of the time and place or such meeting shall be delivered to each member by
regular mail no less than 10 days in advance or said meeting.

2. Specia l Meetings. Special meetings or Keystone Subdiv ision Property Owners

3. Notice of Meetings. Written notice of any meeting orthe Property Owners Association
shall be given by regular mail or e-mail to each member (one lot = one member ) at the street address
or that member's Keystone Subdivision lot or at sud, other mailing or e-mai l address as provided
to the assoc iation by the memher. In the event that ownership or any given lot rests in multiple
parties in more than one household. the Association shall provide one written notice to any or such
pl.'!rson
s whose names appea r on the Wmranty Deed or on file with the J\ssociation at the
Association's sole discretion. Ir the purpose or the meeting described in the notice is an annual
meeting or the Property Owners Association. it shall be so stated in the notice. Tfthe meeting which
is being called pursuant to said written notice is a special meeting. then the purpose of said special
meeting shall be stated in the notice.

4. Voting. Each lot shall be entitled to one vote by its member or members in the Property
Owners Association. /\ny memhcr or members. including the Developer. owning more than one lot
at the time of a vote, shal I be entitled to multiple votes equivalent to the number oflot s owned at t hi.'!
time or the meeting by said member. I lowcver. other than the Deve loper. lot owners owning
adjoining lots may elect to have their property considered as a single Jue s assessmen t unit and.
therefore, shall be entitled to only one vote. Such election by a lot owner shall terminate upon that
owncr"s request or upon sale or the adjoining lot or construction of a second dwelling upon the
adjoininglot.
 5. Quorum. A quo rum at any meet ing or the Property Owne rs Assoc iation shall consist of
member s represen ting ow nersh ip or not less than fi1ty per-cent (50%) ofa ll lots reflected on the plat
of the subdiv ision. In the even t that n proper ly noticed meeting shalI not be attended by a quorum.
as herein defin ed. the Board shall set a second meeting date, proper ly notify al l owners of same, and
those members atten din g suc h at such seco nd meeting date sha ll be deemed top be a quorum. J\
majority vote of those voting lots repre sented by members presen t at the meetin g shall be suffic ient
to pass any resolution or other matte r placed to a vote before the meeting .

6. Proxies. A mem ber of the Propert y Owners Assoc iation may vote at any meeting of' the
Assoc iation by being present in person or by giving to some other person presen t at the meeting a
written proxy bearing the member' s orig inal signature.

ARTICLE Ill

OFFICERS

1. General Pos itions. The Property Owners Associa tion shall have a Pres ident. Secretary
and Treasurer. All oflicers mu st be curr ent on all Associa tion dues and assessme nts to qualify for
election as an office r. No two onicer s may be co-o~rners of the same lot or lots.

2. General Pow ers. The Presid ent shall preside over all mee tings orthe Proper ty Owners
Associa tion. all meeting s of the execu tive commi ttee and shall be authorized to cal l meetings o f the
exec utive committ ee. The Sec reta ry shall maintain and record minu tes of eac h meet ing of the
executive committe e a11dthe Property Owners Assoc iation and shal I be respons ible for prepara tion
and mailing of prope r notice. as requ ired here in. o r all meet ings or other matte rs for which notice
is required to memb ership . The Treasu rer shall be respons ib le for maintainin g accurat e books and
reco rds of the finances of the Prope rty Owne rs Association and may sign chec ks fo r payment of
regular or approved expense o f the corpora tion.

3. Te rm. Each officer shall serve in the position so elected for a peri od ofone year. Officers
shall be elected ann ually. Officers may scrw consecut ive terms if so nominated and elected.

4. Vacancies a11dResigna tions. J\n office r may resign at any time by tiling his or her written
resignat ion w ith the Pres ident or Secretar y or the Associa tion. In the event a vacancy occurs by
resigna tion or any other reaso n. the position made vacant shall be filled by a spec ial elect ion by the
members hip at large. The person elected to fill such a vacancy shall serve out the remainde r o f the
term vacated and sha ll step up in orlice as above descr ibed. as though or iginall y elec ted for the full
te111
1.

5. Elec1ion. J\t each regular annual meeting of the Prope rty Owners Assoc iation the
mc.:
mbership at large will elec t officers.

6. Execution of Written Instruments. The Preside nt of the Prope11y Ow ners Assoc iat ion is
autho rized to execute on bchalf of the Associa tion. contrac1s or other written instruments.

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 7. Checks and Notes . Check s. notes. dra fts and demand s for money shall be sig ned by the
Tre asurer and one other office r of the Prop erty Own ers Association.

8. Rem oval. Officers of the Property Owners Assoc iation may be rem oved for cause only
by a 75% majo r ity vote of those members voti ng afte r proper notice of s uch qu es tion to the
memb ership as set forth above. Any o fficer or committee member who is or becomes delinqul.!nl
in the payment of Assoc iation dues or assessme nts is subj ect to immediate removal from such office
or committee by the Board of Dir ec tors.

ARTI CLE IV

BOARD OF DIRECTORS

1. Formation . The Board of Dir ecto rs of the POA shall cons ist initi al ly of six (6) directors
cons isting of the Pres ident , Tr eas urer and Secretar y of the PO/\ and thr ee other at-large Directors
who are resident s of Keysto ne Subdivisio n to be elected by the membership annuall y. The Board
o f Directors o l"the Association sha ll have the sole authorit y to appoi nt memb ers to the Arc hitectural
Co ntrol Committee. as pro vided for herein .

2. Powe rs of the Board of Dir ectors. The Board o f Directo rs s ha ll have the ex press authorit y
to prepare an annual budget for the Prop erty Owners Assoc iation. to es tab lis h an initi a l membe rship
fee, if any, and to propo se the amount of annu al assessme nts to members of the Property Ow ners
Association for the purpo se of facilitating the carrying ou t the duties or the Property Owner s
Association. Th e approva l of the proposed annual Propert y Owners Assoc iat ion assessment must
be by a 5 1% maj ority of those members prese nt and voting. Unless a chan ge in the assessment is
so approved , the annual assessm ent sha ll be that amo unt last approved by the membersh ip.

The Board of Di rec tors sha ll further have the autho rity to in itiat e forec losu re on bchalfofthc
Prope rty Ow ner s Association upo n any lien s created by pas t due. delinquent or unpaid assess me nts ,
as pro vided in the Protec t ive Covenants of Keystone Subd ivis ion .

Addi tionall y. the Board of Dire cto rs of the Assoc iat ion sha ll have the power to enforce the
Cove nant s, Con diti o ns and Rest rictions ("CC Rs'') governing the use of property w ithin Keysto ne
Subdi v ision and to review all vio latio ns of the CC Rs for prop er action.

ARTI CLE V

POWERS AND DUTIES OF PROPERTYOWNERS ASSOCIATION

It sha ll be the duty and the Propert y Owne rs Assoc iation shall hav e the autho rity through its
offi cers, to per form the l"ollow ing dutie s:

1. Maint enan ce orall common ar<::asas rdl ectcd on the Plat of the subdiv ision.

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 2. Ma inta in all street lighting.

3. Determine and collcc l initial membership fees and annual assessments .

4. Enfo rce Protective Covenants .

5. Pay common area utilitie s as needed.

6. Form and operate an Architec tural Co ntrol Committee.

7. Pay taxe s on all common areas and acqui re such insurance as the Board may deem
appropriate.

8. Perform any other activity necessary to promote and preser ve the integrity , safe ty and
property values of Ke ysto ne Subdivision as the membership of the Propert y Owners Association
may deem appropr iate.

9. Create, authorize , and empower such sub-comm ittees as the Property Ow ners Assoc iation
may deem necessary and appropriate.

10. Establish procedures for creation and acqu isition of additi ona l security codes for lhr
Keystone Subdivis ion entry gate. Onl y Associ ation officers sha ll acqui re add itional ga te codes.

ARTICLE VI
AMENDMENT AND EFFECTIVE DATE

These By-Laws may be adopted. amended or repealed at any meeting of the genera l
membership by a 75% maj ority vote thereof. of those members present. These By-Laws shall be
effect ive on the day and yea r indicated herein below. same be ing the date upon which these By-Law s
were approved by 75% majority vote of those persons eligib le for membership in the Property
Owners Associat jon as se t forth ab ov e.

DATED this d]_ day of _f\_v_,.....

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KEYSTO E SUBDlVIS IO PROPERTY OWNERS
ASS!t\ llON.
BYQ~~
Pres ident