Lake Chaffee was formed from a small pond and surrounding swamp when an earthen dam/levee was installed sometime prior to 1934. The community is comprised of about 700 lots and presently fewer than 260 Lake Chaffee property owners.
By-Laws are "the written rules for conduct of a corporation, association, partnership or any organization.
They should not be confused with the Articles of Corporation which only state the basic outline of the company, including stock structure. Bylaws generally provide for meetings, elections of a board of directors and officers, filling vacancies, notices, types and duties of officers, committees, assessments and other routine conduct.
"By-laws are, in effect a contract among members, and must be formally adopted and/or amended."