SUMMIT·RIDGE
Governance

Transfer of Control (Turnover)

The Bylaws contemplate two phases of Association governance: a Declarant-controlled period during build-out, and a member-controlled period thereafter. The Association is currently in the member-controlled phase — the 2025 Restated Declaration confirms "There is no longer a Class B Member" (Source: 2025 Declaration Article II § 2.B).

Transitional Committee

Within 60 days after conveyance to non-Declarant Members of 50% of total votes, the Declarant was required to call a special meeting at which the Members in attendance (excluding Declarant) selected two members of a three-member transitional committee; the Declarant selected the third. The transitional committee served until the Turnover Meeting and was charged with facilitating the transition (Source: Bylaws Article XIII § 1).

Turnover Meeting

Not later than 120 days after the Turnover Date, the Declarant was required to call the Turnover Meeting. At that meeting (a) the Declarant relinquished control of administration of the Association and (b) the Declarant-appointed Directors resigned and the Members elected a new Board under the Bylaws (Source: Bylaws Article XIII § 2; Article V § 2).

The Turnover Date is the date Class B membership converts to Class A (Source: Bylaws Article I § 1.7). Under the original Bylaws, conversion would occur at the earliest of: (i) Class A reaching ≥15 votes; (ii) December 31, 2002; or (iii) Declarant's written election (Source: Bylaws Article III § 2.B). Conversion has occurred (Source: 2025 Declaration Article II § 2.B).

Architectural Committee Transfer

Authority to appoint the Architectural Committee transferred to the Board upon the earlier of: (i) Declarant's written election, or (ii) closing of the sale of all Lots to third parties by Declarant (Source: Declaration Article VII § 1; Bylaws Article X § 1, § 2). After such transfer, the AC consists of at least three persons; if no AC is appointed, the Board serves as the AC (Source: Bylaws Article X § 1).

Regulatory Amendments During Declarant Period

Until the Turnover Meeting, the Declarant had a reserved right to unilaterally amend the Declaration or Bylaws to comply with FHA/VA/FmHA/FNMA/GNMA/FHLMC and similar agency requirements (Source: Declaration Article XI § 4).

Sources