Condominium Bylaws Condo With Boat Slip In Illinois
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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%.
Ing to Sec. 12 of the Illinois inium Act ("ICA"), the property insurance policy for the association must cover the structural elements of the building including the following: Interior and exterior walls, foundation and roof.
In Illinois, state law does not make condo insurance legally mandatory. However, many condo associations require unit owners to carry condo insurance as part of their bylaws or covenants. Additionally, if you have a mortgage, your lender may require you to maintain condo insurance to protect their investment.
Current law Section 19 (a) provides that the board of the association must maintain the following records at the association's principal office: (1) the association's declaration, bylaws, and plants of survey, and all amendments; (2) the rules and regulations of the association, if any; (3) if the association is ...
4.1. Construction, interpretation, and validity of inium Instruments. (a) Except to the extent otherwise provided by the declaration or other inium instruments: (1) The terms defined in Section 2 of this Act shall be deemed to have the meaning specified therein unless the context otherwise requires.
The Illinois inium Property Act provides the framework for the creation and governance of inium associations. inium associations may choose to incorporate as Illinois not-for-profit corporations, pursuant to Section 18.1 of the Act, but are not required to do so.
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.
Inium associations in Chicago are primarily regulated by state law, specifically the Illinois inium Property Act (ICPA). This act governs the creation, management and dissolution of iniums in Chicago and throughout Illinois.
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.
Ing to the Illinois Department of Financial and Professional Regulation, an individual condo owner may be forced to sell their property only if 75 percent of unit owners vote in favor of a bulk sale.
