Master Deeds' Rules on Election of Directors

Master Deeds' Rules on Election of Directors

As Armando Ang, author of Guide to Homeownership, wrote, get the By-Laws and Master Deed before you buy.  The developers do not want buyers to see these documents.

Here is the section in three Master Deeds for election of Directors.  It seems that as Century Properties continues in its projects the deeds become more restrictive for control.

Soho Central:

Nominees for all members of the condominium corporation to vote on become nominees with restricted voting in the next two.  I would think that this needs to be reviewed by the SEC in view of the Corporate Code.  Section 23 of the Code makes no mention of limiting voting of Directors for members.

Gramercy:

Knightsbridge:

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It is time for some legal review and opinion.

Corporate Code Section 23:

Sec. 23. The board of directors or trustees. - Unless otherwise provided in this Code, the corporate powers of all corporations formed under this Code shall be exercised, all business conducted and all property of such corporations controlled and held by the board of directors or trustees to be elected from among the holders of stocks, or where there is no stock, from among the members of the corporation, who shall hold office for one (1) year until their successors are elected and qualified.