Maine Revised Statutes Title 33 Sec. 1603-101 – Organization of unit owners’ association
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes Title 33 Sec. 1603-101
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A unit owners’ association shall be organized prior to any conveyance, except a conveyance as security for an obligation, of a unit by the declarant. The membership of the association at all times shall consist exclusively of all the unit owners, or, following termination of the condominium, of all former unit owners entitled to distributions of proceeds under section 1602?118, or their heirs, successors or assigns. The association shall be organized as a nonprofit corporation under Title 13?B, as it or its equivalent may be amended from time to time. [PL 1981, c. 699 (NEW).]
SECTION HISTORY
PL 1981, c. 699 (NEW).