This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Bylaws Condo With Hoa In Illinois In Kings
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State:
Multi-State
County:
Kings
Control #:
US-00452
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Word;
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FAQ
In general, homeowners can request HOA documents that cover the following: Governing documents, including the CC&Rs, bylaws, articles of incorporation, community plat, and operating rules; All board and membership meeting minutes and notices; Membership lists; All insurance policies of the association;
The Illinois General Not for Profit Corporation Act, which governs the vast majority of associations, requires that the board of directors of a corporation consist of three or more directors with the number of directors established in the bylaws.
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.
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.
Specifically, Section 18.4 of the Illinois inium Property Act states that a inium board must "exercise the care required of a fiduciary of the unit owners." This duty is also set out in the Illinois General Not for Profit Corporation Act.
Many HOAs maintain a website where governing documents are posted. To find HOA rules and regulations online: Navigate to the HOA's official website. Look for sections labeled “Documents,” “Governing Documents,” or “Rules and Regulations.”
The administration and functioning of HOAs in the state are governed by the Illinois Common Interest Community Association Act. In homeowner's associations with detached or attached townhouses, single-family houses, or villas, this provision is applicable.
Understanding Illinois Homeowners' Association Law AspectKey Takeaway HOA Powers Power to regulate common areas, collect charges, levy fines, and foreclose on homes for unpaid liens. Entry to Property Most governing documents allow HOA entry to homes for maintenance under certain conditions.6 more rows
Understanding Illinois Homeowners' Association Law AspectKey Takeaway HOA Powers Power to regulate common areas, collect charges, levy fines, and foreclose on homes for unpaid liens. Entry to Property Most governing documents allow HOA entry to homes for maintenance under certain conditions.6 more rows
The Illinois General Not for Profit Corporation Act, which governs the vast majority of associations, requires that the board of directors of a corporation consist of three or more directors with the number of directors established in the bylaws.