Friday, November 04, 2005
LOAN -- What Loan???
After the special homeowners meeting was held, the Board of Directors of the ASSOCIATION held a Board meeting on August 22, 2005. In this meeting, the Board of Directors authorized the ASSOCIATION’S management agency (ECAM) to secure a loan for the ASSOCIATION in the amount of $800,000.00, for use prior to collection of the special assessment. See Minutes of 8/22/05 Board of Directors meeting for more info.
Section 5(o) of the ASSOCIATION’s By-Laws gives the Board of Directors the power to borrow money in excess of $10,000.00 upon “…the consent of the Owners of at least two-thirds (2/3rds) of the Lots represented at a meeting at which a quorum has been obtained…”
The member Owners never voted to authorize the Board to secure an $800,000.00 loan.
Section 5(o) of the ASSOCIATION’s By-Laws gives the Board of Directors the power to borrow money in excess of $10,000.00 upon “…the consent of the Owners of at least two-thirds (2/3rds) of the Lots represented at a meeting at which a quorum has been obtained…”
The member Owners never voted to authorize the Board to secure an $800,000.00 loan.
