381.9165 Organization of unit owners' association.
83 words·~1 min read·
/ky/chapter-381/381-9165A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless stated otherwise in the declaration, a unit owners' association shall be organized no later than the date the first unit in the condominium is conveyed. The membership of the association shall at all times consist exclusively of all the unit owners or, following termination of the condominium, of all former unit owners entitled to distributions of proceeds under KRS 381.9157, or their heirs, successors, or assigns. The association shall be organized as a for-profit or nonprofit corporation or as an unincorporated association.