(a) The provisions of this Act, the declaration, bylaws, other community instruments, and rules and regulations that relate to the use of an individual unit or the common areas shall be applicable to any person leasing a unit and shall be deemed to be incorporated in any lease executed or renewed on or after the effective date of this Act. Unless otherwise provided in the community instruments, with regard to any lease entered into subsequent to the effective date of this Act, the unit owner leasing the unit shall deliver a copy of the signed lease to the association or if the lease is oral, a memorandum of the lease, not later than the date of occupancy or 10 days after the lease is signed, whichever occurs first.
     (b) If there are multiple owners of a single unit, only one of the multiple owners shall be eligible to serve as a member of the board at any one time, unless the unit owner owns another unit independently.

Terms Used In Illinois Compiled Statutes 765 ILCS 160/1-35

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • 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

     (c) Two-thirds of the membership may remove a board member as a director at a duly called special meeting.
     (d) In the event of any resale of a unit in a common interest community association by a member or unit owner other than the developer, the board shall make available for inspection to the prospective purchaser, upon demand, the following:
         (1) A copy of the declaration, other instruments, and
    
any rules and regulations.
        (2) A statement of any liens, including a statement
    
of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing.
        (3) A statement of any capital expenditures
    
anticipated by the association within the current or succeeding 2 fiscal years.
        (4) A statement of the status and amount of any
    
reserve or replacement fund and any other fund specifically designated for association projects.
        (5) A copy of the statement of financial condition of
    
the association for the last fiscal year for which such a statement is available.
        (6) A statement of the status of any pending suits or
    
judgments in which the association is a party.
        (7) A statement setting forth what insurance coverage
    
is provided for all members or unit owners by the association for common properties.
    The principal officer of the board or such other officer as is specifically designated shall furnish the above information within 30 days after receiving a written request for such information.
     A reasonable fee covering the direct out-of-pocket cost of copying and providing such information may be charged by the association or the board to the unit seller for providing the information.
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