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 Orange
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State:
Multi-State
County:
Orange
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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;
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.
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 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.
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.
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.
Sec. 33. Limitations on the use of smoking cannabis. The inium instruments of an association may prohibit or limit the smoking of cannabis, as the term "smoking" is defined in the Cannabis Regulation and Tax Act, within a unit owner's unit.
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%.
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.
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.