Bylaws Residential Association For Condominiums In Cook
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FAQ
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.
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.
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%.
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.
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.
The regulation of Homeowners Associations in Illinois falls under the oversight of the Illinois Department of Financial and Professional Regulation. However, HOAs are also subject to federal laws and regulations, as well as their own governing documents.
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.
Bylaws set forth how the condo association will operate including how and when meetings are held, how directors and officers are elected, the powers of the board of directors, insurance requirements, and maintenance responsibilities.
Condo corporations have the authority to create and enforce bylaws and rules that govern various aspects of condo living. These regulations cover matters such as pet policies, noise restrictions, and the use of common facilities.
More important, most inium documents were written by developer lawyers for the primary benefit of the developer. As a board member, you have a responsibility to ensure that owners can live with your condo documents. The declaration and bylaws of your association are your constitution.
