Sec. 47-239a. Termination and dissolution of master association. Establishment of nonstock corporation.
355 words·~2 min read·
/ct/title-47/chapter-828-common-interest-ownership-act/47-239a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the case of a master association:
(1)That is comprised of common interest communities consisting of not less than four hundred units but not more than six hundred units,
(2)in which the master association is governed by a board of directors consisting of one individual representing each constituent common interest community, who is on the board of directors of the constituent common interest community, and
(3)in which the master association board of directors has a weighted vote based on the number of units in the constituent common interest community represented by the director:
(A)On the written consent of unit owners owning not less than twenty-five per cent of the units in the constituent common interest communities of such master association, the master association shall be terminated and dissolved and shall convey all assets owned by the master association to a new nonstock corporation that shall be formed not later than sixty days after the termination and dissolution of the master association.
(B)The associations of unit owners of the constituent common interest communities shall be the members of the new nonstock corporation. Each of the member associations shall appoint one person to be a member of the board of directors of the new nonstock corporation. Each member of the board of directors of the new nonstock corporation shall have one equal vote on matters to be voted on by the board of directors.
(C)The unit owners of each constituent common interest community shall have equal rights to utilize the facilities owned by the new nonstock corporation and each constituent common interest community shall share in the cost of the operation, maintenance, repair and replacement of the facilities of the new nonstock corporation on the basis of the number of units in each constituent common interest community as a percentage of the total number of units in all constituent common interest communities that comprise the master association.
(D)The Superior Court shall have jurisdiction to enter such orders as may be appropriate in the circumstances to implement the termination and transfer and the organization and operation of the new nonstock corporation.