Organization of unit-owners’ association.
1. A unit-owners’ association must be organized no later than the date the first unit in the common-interest community is conveyed.
2. The membership of the association at all times consists exclusively of all units’ owners or, following termination of the common-interest community, of all owners of former units entitled to distributions of proceeds under NRS 116.2118, 116.21183 and 116.21185, or their heirs, successors or assigns.
3. The association must:
(a) Be organized as a profit or nonprofit corporation, trust or partnership;
(b) Include in its articles of incorporation, certificate of registration or certificates of limited partnership, or any certificate of amendment thereof, that the purpose of the corporation is to operate as an association pursuant to this chapter;
(c) Contain in its name the words “homeowners’ association” or “unit-owners’ association”; and
(d) Comply with the provisions of chapters 78, 82, 87 and 88 of NRS when filing articles of incorporation, certificates of registration or certificates of limited partnership, or any certificate of amendment thereof, with the Secretary of State.
Last modified: February 27, 2006