This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condo Rules For Guests In Chicago
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State:
Multi-State
City:
Chicago
Control #:
US-00452
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FAQ
Sec. 9.1. (a) Other liens; attachment and satisfaction. Subsequent to the recording of the declaration, no liens of any nature shall be created or arise against any portion of the property except against an individual unit or units.
The ICPA requires that all Chicago condo boards elect a minimum of three managers to serve on their association board. This must include a president, who leads meetings and membership; a secretary, who manages board minutes; and a treasurer, who tracks the associations' finances.
A: Section 18(a)(1) of the Illinois inium Property Act requires individuals to be a unit owner to serve on the board of directors, which means any ownership interest in the unit.
On the flip side, board members can be held personally liable if they engage in illegal activities, breach their fiduciary duties or personally benefit from association transactions.
General amendments to inium instruments are governed by Section 27 of the Illinois inium Property Act, which states that an affirmative vote of 2/3 of voting unit owners must approve amendments, unless the inium instruments provide for some other majority vote somewhere between 50% and 75%.
Inium associations in Chicago are primarily regulated by state law, specifically the Illinois inium Property Act (ICPA). This act governs the creation, management and dissolution of iniums in Chicago and throughout Illinois.
The Illinois inium Property Act provides the framework for the creation and governance of inium associations. inium associations may choose to incorporate as Illinois not-for-profit corporations, pursuant to Section 18.1 of the Act, but are not required to do so.
General amendments to inium instruments are governed by Section 27 of the Illinois inium Property Act, which states that an affirmative vote of 2/3 of voting unit owners must approve amendments, unless the inium instruments provide for some other majority vote somewhere between 50% and 75%.
Specifically, Section 18.4 of the Illinois inium Property Act states that a inium board must "exercise the care required of a fiduciary of the unit owners." This duty is also set out in the Illinois General Not for Profit Corporation Act.
The Disclosure Summary is a simplified, standardized disclosure document for potential condo purchasers. Developers must make this document available when they offer condos for sale, including at open houses and other showings.