Plan Outline
Dissolving the POA the right way by following a simple and well thought out plan - Officially and Legally
Plan Outline
Simply put - this has NOT been a simple process. However, the plan, broken down, is not complicated:
1) Court filing for approvals : Call for special meeting, Vacate and sell common areas - Dissolve the POA
2) Notice of Special Meeting of Members sent to all lot owners
3) Court hearing for approval
4) Special meeting of members for vote: Sell common area lots - Dissolve the POA
5) Common area lots go to Public Auction
6) Common area lots sold, paid, with proceeds paying IRS lien
7) Receiver gets IRS lien release, dissolves the POA corporation
1) April 1, 2024, NOTICE OF ADOPTION OF PLAN FOR DISSOLUTION OF POA AND SALE OF ASSETS AND ISSUANCE OF RESOLUTION CALLING FOR SPECIAL MEETING OF MEMBERS TO CONSIDER THE PLAN was filed in the District Court of Delaware County, State of Oklahoma 2) April 8, 2024, NOTICE OF SPECIAL MEETING OF THE MEMBERS OF LAKEMONT SHORES PROPERTY OWNERS ASSOCIATION, INC. was mailed to every owner of a lot within all Lakemont Shores Property Owners Association sub divisions.
3) May 2, 2024 at 10:00am Central Time, hearing in the District Court of Delaware County. 4) May 9, 2024 at 6:00pm Central Time, the special meeting of the members will be held at the Lakemont Shores Volunteer Fire Department to have the members consider and act upon a proposed Resolution dissolving the POA and approving a Plan for Sale of the POA assets, and payment of outstanding debt. 5) Date and Time TBD (very soon after special meeting), Public Auction of POA owned Common Areas, for purpose of liquidating and gaining money needed to pay the IRS lien. 6) Date and Time TBD after public auction and set closing dates, the Receiver of the POA will pay the IRS debt, receive the proper lien release, and dissolve the POA.
