| Developer's Right to Vote
What is the name of your state (only U.S. law)? Illinois
I own a condo in Chicago. We are still under developer control, but the association will soon be turned over pursuant to ILCS 605/18.2. (The three-year period since the declaration is expiring.)
The developer owns a majority of units. I have heard vastly divergent opinions about the developer's rights with respect to the board of managers. Unfortunately, I find the statute a bit unclear on these points. I'd greatly appreciate your input on these questions:
1) Can the developer vote in the election of board members?
2) If so, can the developer use his majority stake in the units to fill all three board positions with his agents?
3) It appears that the developer may turn his remaining units (which constitute a majority) into permanent rentals, rather than sell them. Considering that, is there anything to prevent the developer from controlling the association indefinitely?
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Nothing I say in this or any other public forum is intended as legal advice. I can only provide general information about the law, and I cannot offer an opinion on any specific case. I cannot advise you as to what you should or should not do, with one exception: I strongly recommend consulting with an attorney.
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08-30-2009, 01:38 PM
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