Piksco Corporation

Key facts from Piksco Corporation's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

PIKSCO Corporation

Developer / declarant

PIKSCO Corporation, a North Carolina non-profit corporation (also referred to as PIKSCO) (By-Laws Article I, Section 1; CCR preamb)

Governing law

North Carolina General Statutes Article 8 of Chapter 44 (lien filing) and Article 2A of Chapter 45 (foreclosure under power of sale) (CCR Paragraph 15)

Assessments & dues

Regular membership dues were $45.00 per year beginning with the fiscal year commencing July 1, 1992 (CCR Paragraph 13)

Special assessments

May levy special assessment for capital improvements or any purpose consistent with Articles, Bylaws, and CCRs with assent of fifty-one percent of members voting in person or by proxy at an annual or special meeting; justification, cost est (CCR Paragraph 14)

Collections & liens

All dues and special assessments, once mandatory, are a charge against the land and a continuing lien when filed of record; lien may be foreclosed in like manner as a mortgage on real estate under power of sale; liens run with the land (CCR Paragraph 15)

Reserves & fees

Board shall designate a portion of annual dues as a reserve fund for replacement and capital improvements to common areas (CCR Paragraph 13)

Pets

House pets allowed (CCR Paragraph 8)

Leasing & rentals

Leasing is not expressly prohibited; for rent signs up to two square feet are permitted (CCR Paragraph 6)

Parking & vehicles

Common parking areas and driveways are part of common areas maintained by PIKSCO (CCR Paragraph 13(a)(i))

Architectural approval

All plans for construction or alteration of any structure must be submitted to the Architectural Control Committee at or prior to building permit application (CCR Paragraph 9)

Setbacks / home size

Ocean or Bogue Sound fronting residences must have at least 1,500 square feet of heated space; all other residences must have at least 1,000 square feet of heated space (CCR Paragraph 3)

Maintenance

Lot owners maintain their lots and structures subject to ACC approval and restrictive covenants; PIKSCO maintains common/park areas and common facilities (CCR Paragraphs 9 and 13)

Insurance

PIKSCO shall procure and maintain liability and hazard insurance coverage for common areas, facilities, and the Corporation (CCR Paragraph 13(c))

Use restrictions

All lots shall be utilized only for single-family residential purposes; only one detached single-family dwelling and an attached garage or carport permitted per lot (CCR Paragraph 2)

Voting & meetings

Each mandatory member has one vote for each lot owned; voting right is suspended for any lot whose current fiscal-year dues or assessments are unpaid until brought current (By-Laws Article IV, Section 1)

Amendments

By-Laws may be amended by majority vote of a quorum of mandatory members present in person or by proxy at a regular or special meeting, except provisions governed by Articles of Incorporation or ARCs; CCRs may be altered or amended by major (By-Laws Article XVI, Section 1; CCR WHER)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.