§ 515B.3-108 — Meetings
Plain-Language Summary
Requires homeowners associations to hold at least one meeting per year. The annual meeting must include election of directors, a financial report, and any other matters listed in the notice. Special meetings can be called by the president or upon written petition of 20 percent of unit owners.
515B.3-108 MEETINGS.
(a) A meeting of the association shall be held at least once each year. At each annual meeting, there shall be, at a minimum, (i) an election of successor directors for those directors whose terms have expired, (ii) a report on the activities and financial condition of the association, and (iii) consideration of and action on any other matters included in the notice of meeting. Unless the bylaws provide otherwise, special meetings of the association may be called by the president and shall be called by the president or secretary upon the written petition of a majority of the board or unit owners entitled to cast at least 20 percent of the votes in the association.
(b) Not less than 21 nor more than 30 days in advance of any annual meeting, and not less than seven nor more than 30 days in advance of any special meeting, the secretary or other officer specified in the bylaws shall cause notice to be hand delivered or sent postage prepaid by United States mail to the mailing address of each unit, or to any other address designated in writing by the unit owner to the association as provided in the bylaws or by statute.
(c) The notice of any meeting shall state the date, time and place of the meeting, the purposes of the meeting, and, if proxies are permitted, the procedures for appointing proxies.
(d) The board may provide for reasonable procedures governing the conduct of meetings and elections.
History:
History: History:
1993 c 222 art 3 s 8