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 Wayne
Category:
State:
Multi-State
County:
Wayne
Control #:
US-00452
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
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.
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.
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%.
Sec. 9.1. (a) Other liens; attachment and satisfaction. Subsequent to the recording of the declaration, no liens of any nature shall be created or arise against any portion of the property except against an individual unit or units.
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.
Homeowners can file a complaint against an HOA by contacting the Illinois Department of Financial and Professional Regulation. The state offers a dispute resolution service for certain issues, or legal action can be taken.
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.