This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Bylaws Condo With Lazy River In Chicago
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State:
Multi-State
City:
Chicago
Control #:
US-00452
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Word;
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FAQ
Every inium is governed by a set of rules and regulations. Rules make up part of the condo's governing documents, and help support Covenants, Conditions and Restrictions, or CC&Rs, and bylaws. Rules are enforced by the corporation or association.
Water Leak Responsibility in Chicago Condo Associations Association insurance should also offer some financial protection. Conversely, if the water leak originates in a unit owner's individual unit, that owner is usually responsible for repairs.
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%.
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.
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.
Section 19 of the Condo Act sets forth the books and records that must be maintained by the board of the association and under what circumstances such books and records are made available to a unit owner for inspection and copying.
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.
Current law Section 19 (a) provides that the board of the association must maintain the following records at the association's principal office: (1) the association's declaration, bylaws, and plants of survey, and all amendments; (2) the rules and regulations of the association, if any; (3) if the association is ...