Rules For Condo Board Members In Florida
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In the State of Florida, three is the magic number. No matter the size of your association, your board must have at least three members, with the number stated in your articles of incorporation or bylaws. Your bylaws should also have provisions regarding the manner in which the board can expand.
In summary, condo board members in Florida may face personal liability in certain situations, contingent on the nature of the claim, liability source and available insurance coverage or indemnification.
The Florida Department of Business and Professional Regulation's (DBPR) CTMH Division oversees five program areas: iniums, cooperatives, timeshares, mobile homes, and yacht and ship brokers and salespersons.
Breach of Fiduciary Duty: Board members have a fiduciary duty to act in the best interests of the HOA and its members. If a board member breaches this duty by acting with gross negligence, engaging in self-dealing, or committing fraud, they may be personally liable for any resulting damages.
Ideally, if no other resident wishes to run for a position on the board, the current board members can continue to serve in the interim. But, if the current board members also refuse to serve and choose to resign from their posts, the only other option is to petition a court to appoint a receiver.
In summary, condo board members in Florida may face personal liability in certain situations, contingent on the nature of the claim, liability source and available insurance coverage or indemnification.
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 ...
The board is granted all of the corporation's powers and duties and is tasked with making important decisions that will impact the owners and community. Directors must be very familiar with the association's governing documents, hold meetings, prepare budgets, fund reserves, and maintain association property.
For their entire terms as Directors and Officers, Board members are obligated to put all Association member/owners' interests above their own. Fiduciary duty is understood and offered to all Association members when a property owner volunteers to run for a seat on the Board of Directors.
Per sections 718.1124 and 718.127, Florida Statutes, if an association fails to fill vacancies on the board of administration sufficient to constitute a quorum in ance with the bylaws, any unit owner may give notice of his or her intent to apply to the circuit court within whose jurisdiction the inium lies ...
