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 Board Members In Cook
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State:
Multi-State
County:
Cook
Control #:
US-00452
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Word;
Rich Text
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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.
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%.
Per the Illinois inium Property Act, board members owe a fiduciary duty to the association and its members, but what does that mean in practice? Here we break it down: All decisions must be made in the best interest of the community – That means community interests come before individual interests. Full stop.
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.
When a homeowner sues the HOA board or condo board members, they can use the Business Judgement Rule to protect themselves from liability. Under this legislation, the board of directors is immune from personal liability if they can prove that their actions or decisions were reasonable and made in good faith.
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.
Under normal circumstances, a director can personally assume liabilities arising from an investigation into the company for insolvency purposes, where the business was found to be guilty of wrongful trading (i.e. where a person who is or was a director of the company concludes, or ought to have concluded, that there is ...
Begin the letter by introducing yourself and identify whether you are a parent, teacher, or another member of the community before then addressing the subject of your concerns. This provides context for your letter.
How to write a letter to your board or manager Start with the date, sender and recipient information. You do not need to include the date or address of the recipient if you are sending an email. Write a clear and concise subject line. Get to the point. Offer a solution, if possible. Thank the recipient for their time.