Connecticut General Statutes 47-74c – Declarant not to retain ownership interest in recreational facilities
The declarant shall not retain ownership of, and lease or otherwise require payment for the use of the recreation facilities nor shall the declarant convey such recreation facilities to any person other than to the unit owners of the condominium served by such recreation facilities, which shall be common elements of the condominium within which they are located or which they serve; provided any condominium may provide by its condominium instruments that by affirmative vote of the unit owners at any time after the unit owners other than the declarant have assumed or have the right to assume control of the unit owners’ association under § 47-74b, all or part of the recreational facilities serving such condominium shall be conveyed to a nonstock corporation organized under chapter 602, the board of directors of which shall be composed exclusively of unit owners of the condominium served by such recreational facilities.
Terms Used In Connecticut General Statutes 47-74c
- Board of directors: means an entity consisting of natural persons elected by the unit owners to direct the operation of the condominium. See Connecticut General Statutes 47-68a
- Common elements: means all portions of the condominium other than the units. See Connecticut General Statutes 47-68a
- Condominium: means real property and any incidents thereto and interests therein, lawfully submitted to this chapter by the recordation of condominium instruments pursuant to the provisions of this chapter. See Connecticut General Statutes 47-68a
- Condominium instruments: means the declarations, bylaws, survey maps and plans recorded and filed pursuant to the provisions of this chapter. See Connecticut General Statutes 47-68a
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Declarant: means the person or persons who execute the declaration or on whose behalf the declaration is executed. See Connecticut General Statutes 47-68a
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: means an individual, corporation, limited liability company, partnership, association, trustee or other entity capable of holding an interest in real property or any combination thereof. See Connecticut General Statutes 47-68a
- Recreation facilities: means that portion of the common elements intended for recreational, social and similar community use by the unit owners. See Connecticut General Statutes 47-68a
- Unit: means a part of the property including one or more rooms or designated spaces located on one or more floors or a part or parts thereof in a building, intended for any type of independent use, and with a direct exit to a public street or highway or to common elements leading to such street or highway. See Connecticut General Statutes 47-68a