What is needed for Homeowner's Dues to be raised by President of HOA?
Full Question:
Answer:
The operations of a condominium are normally conducted by a management association created to run the common affairs of the condominium owners. A condominium association is required to act consistently with the condominium act of the state of Minnesota and its own governing documents, and its actions must be free of fraud, self-dealing, or unconscionability. A board of managers of a condominium association exercises for the association all the powers, duties, and authority vested in the association by law or the condominium documents.
A condominium project may be administered or managed in one of several ways, such as by the unit owners, a board of governors elected by the owners, or a management agent elected by the owners or the board when named in the declaration. A condominium association's acts are authorized only if permitted by the applicable condominium act, its bylaws, and the declaration.
A condominium association functions in a manner comparable to other unincorporated associations in that it is controlled by a governing body, acts through designated agents, and functions under the authority of bylaws. So, a condominium homeowners' association is a separate legal entity from its unit owners, just as a corporation is distinct from its shareholders.