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Information for Prospective Shareholders
Lake Lydia is a beautiful and serene property located about 3 miles east of Quitman, Texas. The property is comprised of approximately 301 acres of wooded land and a lake of about 94 acres.
A Board of Directors and a full time on-site manager provide direction and maintenance of the common areas for the 138 members of the association. Following is a brief review of some information that helps to maintain the safety of our residents, the cleanliness of our property and water, and the serenity of the area.
§ The lake and most of the land around the lake is owned by Lake Lydia, Inc., a non profit, stock corporation made up of association shareholders. Individual home sites are assigned to shareholders. Title to the land remains with the corporation, however the site is exclusively for the use of the shareholder so long as the shareholder holds the share of stock. Improvements located on the site are recorded by a bill of sale filed with Wood County, treated as personal property and are taxed accordingly by the local tax appraisal district.
§ Prospective purchasers must appear in person before the Board of Directors and be approved for membership prior to closing. A Stock Transfer Fee and a Site Transfer Fee is required for the change in shareholder ownership.
§ The lake is primarily a fishing lake with some daily limits on size and the number of fish taken from the lake.
§ Small boats, canoes, kayaks and pontoons are best suited here due to a no wake rule for boating. Because of danger created by submerged underwater hazards, stumps, etc., skiing is prohibited; use of jet skis and towing of un-powered craft or devices is prohibited. Only boats belonging to members are allowed on the lake.
§ Plans for building projects must be submitted through the House and Grounds Committee for approval. The construction of new or additions to existing homes, outbuildings, boathouses, driveways and other projects further defined in the Constitution and By-Laws require approval by the Board of Directors. Each request must be submitted with a drawing, preferably a three-dimensional drawing, which indicates all measurements and other details necessary for the Board’s review of the request. Any request for construction approval must be submitted at least 14 days prior to the next scheduled regular monthly Board Meeting which is held on the second Friday of each month.
§ Septic systems must meet state guidelines and be inspected regularly. Any change in site ownership requires that a septic inspection must have been completed within the three (3) years prior to the sale and transfer of the site. This is required before the new applicant(s) (Buyers) can be approved.
§ Members are encouraged to attend the monthly Board Meetings and the Annual Stockholder’s Meeting. Members are also encouraged to attend the lake mixers and various other activities such as the Fourth of July picnic and the Fall Dinner.
§ Any change in the annual membership dues, must be approved by the members at the Annual Stockholder’s Meeting in April of each year.
Interested parties are welcome to review the complete Constitution and By-Laws of Lake Lydia, Inc. which can be obtained by contacting the Lake Manager or at (903) 967-2003.
Lake Lydia Map (~4 miles East of Quitman) |