This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Bylaws Condo With Lazy River In Illinois
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Sec. 18.4. Powers and duties of board of managers. The board of managers shall exercise for the association all powers, duties and authority vested in the association by law or the inium instruments except for such powers, duties and authority reserved by law to the members of the association.
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.
Sec. 18.4. Powers and duties of board of managers. The board of managers shall exercise for the association all powers, duties and authority vested in the association by law or the inium instruments except for such powers, duties and authority reserved by law to the members of the association.
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.
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%.
Under Section 19 of the Illinois inium Property Act (765 ILCS 605/19), the board of managers for a condo association is required to keep and maintain certain records, or copies of those records, at the association's principal office.
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 ...
If the inium instruments do not provide otherwise, 2/3 unit owner approval is required to amend the governing documents. The inium instruments can provide for necessary approval of up to 3/4 owner approval, however. The approved amendment would then be recorded and would become effective upon recording.
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.
By contrast, if the cause of the water leak is from a unit (overflowing tub or other water leak internal to the unit), the Act, at Section 9.1(a), makes the unit owner responsible for all injury and damages cause by the leak.
