1. a. A developer subject to the registration requirements of section 6 of P.L.1977, c.419 (C. 45:22A-26) shall organize or cause to be organized an association whose obligation it shall be to manage the common elements and facilities. The association shall be formed on or before the filing of the master deed or declaration of covenants and restrictions, and may be formed as a for-profit or nonprofit corporation, unincorporated association, or any other form permitted by law. The application of P.L.1993, c.30 (C. 45:22A-43 et seq.) to the association of an existing planned real estate development shall not be limited by:

(1) whether the developer has been subject to, or exempted from, the registration requirements of section 6 of P.L.1977, c.419 (C. 45:22A-26); or

(2) the development’s date of establishment.

b. Nothing in subsection a. of this section shall be construed to require the registration of a planned real estate development that is not otherwise required to register pursuant to section 6 of P.L.1977, c.419 (C. 45:22A-26).

c. Membership in the association of a planned real estate development shall be comprised of each owner within the planned real estate development, and may include the developer if the development contains unsold lots, parcels, units, or interests. An association may permit tenant participation in executive board elections, tenant membership in the association, or both. A voting-eligible tenant shall have only the same voting rights as the owner of the unit that the tenant leases, and such voting rights shall be in place of and not in addition to the rights of the owner of the leased unit, except as permitted under paragraph (9) of subsection c. of section 6 of P.L.2017, c.106 (C. 45:22A-45.2). Pursuant to paragraph (9) of subsection c. of section 6 of P.L.2017, c.106 (C. 45:22A-45.2), the votes associated with a unit shall not be altered by the participation of voting-eligible tenants.

L.1993, c.30, s.1; amended 2017, c.106, s.4.