This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Rules For Condo Board Members In Cook
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State:
Multi-State
County:
Cook
Control #:
US-00452
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FAQ
Boards have ultimate responsibility for how a condo fares, regardless of the involvement of a management company. In most cases boards are the ultimate decision makers, referees of minor issues, administrators, educators, and overall leaders of the community.
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 ...
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.
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.
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.
When addressing the board, always use the title Mr. Chairman” or Madam Chairwoman.” If you are unsure of the proper title, Board of Directors” is always acceptable.
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.
How to write an open letter: Step 1: Understand the format. Step 2: Read selected examples. Step 3: Decide whom you'd like to write to and what you want to say. Step 4: Write your first draft as a letter, not an essay. Step 5: Make sure the tone is appropriate to your audience and purpose.