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Adoption of CIOA PA 83-474 provides, with certain exceptions, that the declaration of a residential common interest community can be amended only by vote of unit owners to which at least 67% of the association votes are allocated.
Board members have certain fiduciary duties to uphold, which include the duty of care. Failure to uphold these duties can result in homeowners suing HOA for negligence. The same goes for condo associations.
The Colorado Common Interest Ownership Act (CCIOA) was established in 1992 to form a clear, comprehensive, and uniform framework for the creation and operation of common interest communities.
Common Interest Ownership Act is a Connecticut General Statute that governs all Condominiums and Cooperative Associations. Otherwise known as CIOA, this statute protects the unit owners and guides the board of directors on how the associations must be governed.
Passed by the Connecticut legislature on June 3, 1983, became the first state law in the United States to unify and modernize the law of common interest communities. This Act covers in a uniform manner the law of condominiums, real estate cooperatives, planned unit developments, and reciprocal easement regimes. Sec.
Common-interest communities are also known as common-interest developments or CIDs. CIDs are comprised of individually owned units with an undivided interest in common areas. A subdivision developer creates a CID by recording a subdivision plat and a set of legal governing documents.
Section 33-1061. - Annual meeting. Regular meeting. (a) A corporation that has members entitled to vote for the election of directors shall hold a meeting of such members annually at a time stated in or fixed in ance with the bylaws.
Corporate bylaws are legally required in Connecticut. ing to Connecticut Gen Stat § 33-640, the incorporators or board of directors will adopt initial bylaws. Most of the time, the board of directors adopts bylaws at the first organizational meeting.