New Jersey Revised Statutes § 46:8c-17 - Purpose Of Association

46:8C-17.Purpose of association
8. a. The articles of incorporation of a homeowners' association or the bylaws of any unincorporated homeowners' association formed under this act shall provide:

(1) that the association has the power to negotiate for, acquire, and operate the private residential leasehold community on behalf of the homeowners; and

(2) that the association has the power to convert the private residential leasehold community, once acquired by the homeowners, to a condominium, a cooperative, or other type of ownership.

b. Upon acquisition of the property, the association shall be the entity that creates a condominium, or offers condominium parcels for sale or lease in the ordinary course of business, or, if the homeowners choose a different form of ownership, the entity that owns the record interest in the property and is responsible for the operation of property; provided, however, that if the association converts the private residential leasehold community to a cooperative, an election shall be held within 30 days following the establishment of the cooperative to elect a board of directors of the cooperative.

L.1991,c.483,s.8; amended 1995,c.365,s.8.

Section: Previous  46-8c-10  46-8c-11  46-8c-12  46-8c-13  46-8c-14  46-8c-15  46-8c-16  46-8c-17  46-8c-18  46-8c-19  46-8c-20  46-8c-21  46-8d-1  46-8d-2  46-8d-3  Next

Last modified: October 11, 2016