Many older associations are finding they need to borrow money for major upgrade or replacement projects, such as for roofs, windows, and paving. The Board of Directors will usually start this by speaking with a banker, which is the logical first step. However, problems may occur if a unit owner vote is taken on a loan without first contacting your attorneys, to be sure the statutory requirements regarding loans are followed. Read the article………………………
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August 20, 2019
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