LCV SUNSET CLAUSE
The legal documents that created the Lake Carlos Villas Cooperative Association contain a clause which states that the organization shall have a term of “approximately forty years or until July 1, 2021.” The legal documents call for a vote by the ownership prior to that date to determine whether or not Lake Carlos Villas should continue for another term of ten years.
The LCV Board discussed the situation at the January, 2017 meeting and will address the topic with owners at the annual meeting. There are some decisions that need to be made prior to the July 21, 2021 date. For example, the documents state that the vote must take place between 30 and 60 days before July 21, 2021. This is not practical because owners are currently allowed to deposit fixed weeks up to two years in advance, and floating weeks up to one year in advance.
If you would like to read the LCV legal documents, they are available at www.tinyurl.com/LCVcloud.