This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Bylaws Condo Association With Hoa In Cook
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State:
Multi-State
County:
Cook
Control #:
US-00452
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Word;
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FAQ
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 Rules means the Rules for the use of the Premises that are adopted from time to time by the Board of Directors. inium Rules . Your unit is confirmed with the understanding that you will adhere to the rules and regulations set by individual inium or homeowner associations.
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%.
If the board deems that a special assessment is necessary, per Section 18(a)(8) of the Illinois inium Property Act (ICPA), it may adopt a special assessment without unit owner approval provided that it does not exceed 115% of the sum of all regular or special assessments from the preceding year.
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%.
Pursuant to Section 18(a)(8) of the Act, separate assessments for expenditures relating to emergencies or mandated by law may be adopted by the board of managers without being subject to unit owner approval.
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.
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.
Common elements are owned in undivided shares by all inium unit owners as tenants in common and include portions of the inium shared or used in common by the inium's residents. Examples of common elements are: Building structural components and systems. Lobbies. Parking areas.
A Common Element inium is comprised solely of common elements such as a private road, parking spaces, mailbox pad, play area and any other common elements and do not include dwelling units/lots.