SECTION 1. The fiscal year of this Association shall begin on the first day of January of each year.

   SECTION 2. Not later than the fifteenth (15^th) day of February of each year, the Board of Directors shall
   adopt a budget, estimated income, and expenditures for the fiscal year.

   SECTION 3. An audit of the financial records of the civic league's funds, recorded by the Treasurer, shall
   be performed annually in January by an approved Civic League Audit Committee (minimum two (2)
   persons), and/or upon the departure of the incumbent Treasurer.

   SECTION 4. The Board of Directors shall determine the official depository or depositories for the
   Association funds and shall designate one or more countersign checks or other documents for the
   disbursement of such funds.

   SECTION 5. Any request for the spending of funds shall be referred to the Board of Directors for approval.
   (Exception: Directors may spend a maximum of $50.00 without membership approval in the execution of
   their office as long as receipts and an explanation are provided to the civic league treasurer.)

   SECTION 6. Disposal of any fixed assets of the civic league must be approved by the affirmative vote of
   seventy-five (75%) of all members "in good standing", whether present or not, at a general meeting called
   for that purpose. (See also ARTICLE XI - DISSOLUTION regarding distribution of fixed assets in the
   case of dissolution of the civic league).


ARTICLE XII - DISSOLUTION

   SECTION 1. In the event there are not enough candidates to fill the necessary positions on the Board of
   Directors to keep the civic league viable, then the Laurel Cove Civic League, Inc., will be dissolved at the
   end of the applicable calendar year.

   SECTION 2. All monies in the treasury at that time will be disbursed in the following order:

      (a) All bills outstanding will be paid in full, and all pre-paid civic league dues for the following year(s) will
           be refunded.
      (b) The unfulfilled portion of the Newsletter advertisers' contracts will be refunded in full. Any money left
           over in the Newsletter Fund after the advertisers are paid will be transferred to the General Fund.
      (c) All civic league members "in good standing" on the date of dissolution will share in the distribution of
           the remaining_. monies, computed by dividing the remaining funds available by the actual number of
           members "in good standing".
     (d) Any fixed assets, such as civic league signs, slats, supplies, etc., may be donated to another local area
          civic league, or, along with all records and files, be transferred to the Chairman, Great Neck
          Association of Civic Leagues, of which Laurel Cove Civic League is a member, for his or her
          disposition.


ARTICLE XIII - MEETINGS

   SECTION 1. Meetings of the Board of Directors shall be held at such time, place, and frequency as
   determined prudent by the Board.

   SECTION 2. Meetings of the general membership may be called as the Board desires, or on demand of
   5% of the civic league membership "in good standing". Additionally, a general meeting of the membership
   shall be held in December of each year for the election/re-election of members of the Board of Directors to
   replace those whose term has expired, as described above in ARTICLE V - BOARD OF DIRECTORS.

   SECTION 3. A notice of all general membership meetings must be given one (1) month prior to the meeting,
   and will normally be announced in the Laurel Cove Civic League Newsletter and the Laurel Cove Civic
   League Website.


ARTICLE XIV - QUORUM

   SECTION 1. A quorum for the transaction of business at a meeting of the nine (9) Board of Directors:

      (a) Shall consist of five (5) Board members.
      (b) Shall require approval of three-fifths (3/5) of the quorum in order to transact the business in question.

   SECTION 2. A quorum for the transaction of business at a general membership meeting:

      (a) Shall be comprised of fifteen (15) or more members "in good standing".
      (b) Shall require approval of two-thirds (2/3) of those present in order to transact the business in question.


ARTICLE XV – AMENDMENT

   SECTION 1. The Constitution and By-Laws of the organization may be amended by a two-thirds (2/3)
   majority vote of members "in good standing" who are present at a general membership meeting, provided
   that a notice of the proposed amendment(s) has been given one (1) month prior to the meeting, normally
   by an announcement in the Laurel Cove Civic League Newsletter and the Laurel Cove Civic League
   Website.


ARTICLE XVI – POLICY

   SECTION 1. This civic league shall be operated strictly along democratic lines, having no political
   affiliations, and shall be non-sectarian in the matter of religion.

   SECTION 2. The civic league will refrain from giving any political endorsements.

   SECTION 3. Community standards of appearance will be guided by the ""Maintenance Requirements for
   Existing Dwellings, Buildings, and Properties" pamphlet (current revision), published by the City of Virginia
   Beach Department of Housing & Neighborhood Preservation.

ARTICLE XVII - ORDER OF BUSINESS

   SECTION 1. The order of business for all general meetings shall normally follow the guidelines of Robert’s
   Rules of Order (latest revision), but may be modified as deemed necessary by the presiding officer.


ARTICLE XVIII - ADOPTION & EFFECTIVE DATE

   SECTION 1. This Constitution and By-Laws shall become effective immediately after an affirmative vote
 of two-thirds (2/3) of the members "in good standing" at a meeting where a quorum is present.

                                                                  = = = 0 = = =

APPROVED ON:  December 13, 2005  BY THE GENERAL MEMBERSHIP

AUTHENTICATED BY: Robert Ianucci,   L.C.C.L. President

                                              Kris Rossman, L.C.C.L. Secretary


ANNUAL REVIEW: