Chenango

BY-LAW AMENDMENT

May 06, 2001

For many years the various Boards of the community have discussed changing the By-Laws to extend the directors terms to lend consistency to the community. It was agreed that 2-year terms do not allow stability in the community, as 3 directors terms expire one year and the other 4 terms the following year, thus there could be a complete turnover in a 2-year period. The current Board has discussed this issue at the last several meetings and has amended the By-Laws, extending the terms to 3-years. In conjunction with this amendment, the Board adopted a resolution extending the terms of three of the current directors to the required 3 years. The amendment and the resolution are attached to this newsletter.