703.15 Association of unit owners.

221 words·~1 min read·/wi/chapter-703/703-15-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Legal entity. The affairs of every condominium shall be governed by an association that, even if unincorporated, is constituted a legal entity for all purposes. Except for matters reserved to the association members or unit owners by this chapter, the declaration, or the bylaws, all policy and operational decisions of the association, including interpretation of the condominium instruments, bylaws, rules, and other documents relating to the condominium or the association, shall be made by its board of directors. This subsection does not affect the deference accorded to, or the standard of review of, an action of the board of directors by a court.

(2)Organization of association.

(a)Establishment; organization.

1. Every declarant shall establish an association to govern the condominium not later than the date of the first conveyance of a unit to a purchaser. Except as provided in subd. 2. , the declarant may organize the association only as a for-profit corporation; nonstock, nonprofit corporation; or unincorporated association. After the association is organized, the membership of the association shall at all times consist exclusively of all of the unit owners.

2. Beginning on March 13, 2022, a declarant may not organize an association as a for-profit corporation.

3. An association that exists on March 13, 2022, may not reorganize as a for-profit corporation.