This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Bylaws Condo Format In Illinois
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Ing to the Illinois inium Property Act (765 ILCS 605/17), any changes must be made through a formal amendment, which must be properly documented and officially recorded to be legally valid. Once recorded, an amendment takes effect immediately unless it specifies a different effective date.
Generally speaking, the declaration is the document that creates the inium. The bylaws spell out the day-to-day operations of the association. If your association is more than 10 years old and the bylaws have remained unchanged, board members may want to consider making updates.
On the other hand, condo owners are responsible for maintaining the interior of their units. This includes repairs to walls, floors, plumbing, electrical systems, and appliances within the unit itself. If applicable, condo owners should also maintain any private spaces, such as balconies.
Ultimately, one of the main purposes of a condo association is to ensure your safety and convenience, as well as that of the other unit owners and residents in your complex or building. Another objective is maintaining property values so the community continues to be a good investment.
The bylaws go into detail about individual roles, terms, how to elect the President, and may list board powers one by one. The Declarations define the use and occupancy rules of the units and common areas. Condo bylaws outline the remedies for breach of these rules.
The inium bylaws govern the structure and operation of the association. They contain information regarding board meetings, elections, board terms, voting procedures, and the like. The bylaws are more about the management of the association than the rules that govern it and its members.
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.
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.
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