§ 81-314. Surplus funds.
§ 81-314. Surplus funds. Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves must be paid annually to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense […]
§ 81-301. Organization of unit owners’ association.
§ 81-301. Organization of unit owners’ association. A unit owners’ association must be organized no later than the date the first unit in the common interest community is conveyed. The association must have an executive board and the membership of the association at all times consists exclusively of all unit owners or, following termination of […]
§ 81-302. Powers of unit owners’ association.
§ 81-302. Powers of unit owners’ association. (a) Except as otherwise provided in subsection (b) of this section and other provisions of this chapter, the association: (1) Must adopt and may amend recorded bylaws consistent with § 81-306 of this title and may adopt rules consistent with § 81-320 of this title; (2) Must adopt […]
§ 81-303. Executive board members and officers.
§ 81-303. Executive board members and officers. (a) The declaration must create an executive board. Except as provided in the declaration, the bylaws, subsection (b) of this section, or other provisions of this chapter, the executive board may act in all instances on behalf of the association. In the performance of their duties, officers and […]
§ 81-304. Transfer of special declarant rights.
§ 81-304. Transfer of special declarant rights. (a) A special declarant right created or reserved under this chapter may be transferred only by an instrument evidencing the transfer recorded in every county in which any portion of the common interest community is located. The instrument is not effective unless executed by the transferee. (b) Upon […]
§ 81-305. Termination of contracts and leases of declarant.
§ 81-305. Termination of contracts and leases of declarant. Except as provided in § 81-122 of this title, if entered into before the executive board elected by the unit owners pursuant to § 81-303(f) of this title takes office: (i) any management contract, employment contract, or lease of recreational or parking areas or facilities, (ii) […]