This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Bylaws For Condominium Association In Cook
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State:
Multi-State
County:
Cook
Control #:
US-00452
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FAQ
Attendance of 20% of the voting power constitutes a quorum. Notice of association meetings must be given at least 10 days before a meeting but no more than 30 days, and at least 48 hours' notice must be given for meetings of the board of directors.
Despite smart planning, however, there are situations that may warrant a special assessment or an assessment increase for the upcoming year. When that happens, is there a maximum assessment threshold the board can impose? The short answer is yes, and the magic number is 15%.
HOA Board Membership Numbers Typically, a board needs at least three members, but the maximum size will depend on state laws and the governing policies. HOA boards can expand where the demands and scope of the association increase due to new homes in the neighborhood or a larger number of residents.
To legally establish an HOA in Illinois, the organization must submit Articles of Incorporation to the Illinois Secretary of State. The Illinois General Not For Profit Corporation Act of 1986 governs nonprofit corporations.
The Illinois General Not for Profit Corporation Act, which governs the vast majority of associations, requires that the board of directors of a corporation consist of three or more directors with the number of directors established in the bylaws.
In for-profit corporations, almost 60% of respondents said corporate boards should have 8-11 members. For larger companies, boards typically fall in the 9-12 member range (Biggs, The Governance Factor ). Some sources argue strongly for an odd number of voting board members, so that tie votes can be all but eliminated.
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.
Ing to the Illinois Department of Financial and Professional Regulation, an individual condo owner may be forced to sell their property only if 75 percent of unit owners vote in favor of a bulk sale.
A inium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.