I need an example of what constitutes
Full Question:
Clarification is needed, along with an example of what constitutes "total voting interest". We are a cooperative with 128 shareholders. The law we need clarification on states "approval of two-thirds of the total voting interest."
11/20/2007 |
Category: Courts ยป Legal Defini... |
State: Florida |
#12621
Answer:
The following is a Florida statute:
719.103 Definitions. —
As used in this chapter:
(1) "Assessment" means a share of the funds required for the payment of
common expenses, which from time to time is assessed against the unit
owner.
(2) "Association" means the corporation for profit or not for profit that
owns the record interest in the cooperative property or a leasehold of the
property of a cooperative and that is responsible for the operation of the
cooperative.
(3) "Board of administration" means the board of directors or other
representative body responsible for administration of the association.
(4) "Buyer" means a person who purchases a cooperative. The term
"purchaser" may be used interchangeably with the term "buyer."
(5) "Bylaws" means the bylaws of the association existing from time to
time.
(6) "Committee" means a group of board members, unit owners, or board
members and unit owners appointed by the board or a member of the board to
make recommendations to the board regarding the association budget or take
action on behalf of the board.
(7) "Common areas" means the portions of the cooperative property not
included in the units.
(8) "Common areas" includes within its meaning the following:
(a) The cooperative property which is not included within the units.
(b) Easements through units for conduits, ducts, plumbing, wiring, and
other facilities for the furnishing of utility services to units and the
common areas.
(c) An easement of support in every portion of a unit which contributes
to the support of a building.
(d) The property and installations required for the furnishing of
utilities and other services to more than one unit or to the common areas.
(e) Any other part of the cooperative property designated in the
cooperative documents as common areas.
(9) "Common expenses" means all expenses and assessments properly
incurred by the association for the cooperative.
(10) "Common surplus" means the excess of all receipts of the association
— including, but not limited to, assessments, rents, profits, and revenues
on account of the common areas — over the amount of common expenses.
(11) "Conspicuous type" means type in capital letters no smaller than the
largest type on the page on which it appears.
(12) "Cooperative" means that form of ownership of real property wherein
legal title is vested in a corporation or other entity and the beneficial
use is evidenced by an ownership interest in the association and a lease or
other muniment of title or possession granted by the association as the
owner of all the cooperative property.
(13) "Cooperative documents" means:
(a) The documents that create a cooperative, including, but not limited
to, articles of incorporation of the association, bylaws, and the ground
lease or other underlying lease, if any.
(b) The document evidencing a unit owner's membership or share in the
association.
(c) The document recognizing a unit owner's title or right of possession
to his or her unit.
(14) "Cooperative parcel" means the shares or other evidence of ownership
in a cooperative representing an undivided share in the assets of the
association, together with the lease or other muniment of title or
possession.
(15) "Cooperative property" means the lands, leaseholds, and personal
property owned by a cooperative association.
(16) "Developer" means a person who creates a cooperative or who offers
cooperative parcels for sale or lease in the ordinary course of business,
but does not include the owner or lessee of a unit who has acquired or
leased the unit for his or her own occupancy, nor does it include a
condominium association which creates a cooperative by conversion of an
existing residential condominium after control of the association has been
transferred to the unit owners if, following the conversion, the unit
owners will be the same persons.
(17) "Division" means the Division of Florida Land Sales, Condominiums,
and Mobile Homes of the Department of Business and Professional Regulation.
(18) "Equity facilities club" means a club comprised of recreational
facilities in which proprietary membership interests are sold to
individuals, which membership interests entitle the individuals to use
certain physical facilities owned by the equity club. Such physical
facilities do not include a residential unit or accommodation. For purposes
of this definition, the term "accommodation" shall include, but is not
limited to, any apartment, residential cooperative unit, residential
condominium unit, cabin, lodge, hotel or motel room, or other accommodation
designed for overnight occupancy for one or more individuals.
(19) "Limited common areas" means those common areas which are reserved
for the use of a certain cooperative unit or units to the exclusion of
other units, as specified in the cooperative documents.
(20) "Operation" or "operation of the cooperative" includes the
administration and management of the cooperative property.
(21) "Rental agreement" means any written agreement, or oral agreement if
for less duration than 1 year, providing for use and occupancy of premises.
(22) "Residential cooperative" means a cooperative consisting of
cooperative units, any of which are intended for use as a private
residence. A cooperative is not a residential cooperative if the use of the
units is intended as primarily commercial or industrial and not more than
three units are intended to be used for private residence, domicile, or
homestead, or if the units are intended to be used as housing for
maintenance, managerial, janitorial, or other operational staff of the
cooperative. If a cooperative is a residential cooperative under this
definition, but has units intended to be commercial or industrial, then the
cooperative is a residential cooperative with respect to those units
intended for use as a private residence, domicile, or homestead, but not a
residential cooperative with respect to those units intended for use
commercially or industrially. With respect to a timeshare cooperative, the
timeshare instrument as defined in s. 721.05 shall govern the intended use
of each unit in the cooperative.
(23) "Special assessment" means any assessment levied against unit owners
other than the assessment required by a budget adopted annually.
(24) "Timeshare estate" means any interest in a unit under which the
exclusive right of use, possession, or occupancy of the unit circulates
among the various purchasers of a timeshare plan pursuant to chapter 721 on
a recurring basis for a period of time.
(25) "Unit" means a part of the cooperative property which is subject to
exclusive use and possession. A unit may be improvements, land, or land and
improvements together, as specified in the cooperative documents.
(26) "Unit owner" or "owner of a unit" means the person holding a share
in the cooperative association and a lease or other muniment of title or
possession of a unit that is granted by the association as the owner of the
cooperative property.
(27) "Voting certificate" means a document which designates one of the
record title owners, or the corporate, partnership, or entity
representative who is authorized to vote on behalf of a cooperative unit
that is owned by more than one owner or by any entity.
(28) "Voting interests" means the voting rights distributed to the
association members as provided for in the articles of incorporation.