There may be a variety of steps condominium associations can take to help protect their interest and preserve the longevity of their endeavors. Some of these steps may even take place in the initial stages of operations and being thorough when creating governing documents can be complex, yet essential. Knowing what to include when drafting condominium bylaws could help condo associations in New York better prepare to create a strong foundation for their endeavors.
What do bylaws cover?
One aspect to cover in condo bylaws may pertain to clearly defining who the members of the condo association are. This document can also include terms on the process involved with electing the condo’s board of directors. Another aspect to include could pertain to a definition of the condo board’s role and being thorough with this topic could be vital to protecting company interests.
It may also be vital to set forth terms in bylaws regarding when condo association meetings will occur and how many members must be present for the meeting to be deemed valid. Condo bylaws can also depict which members retain the right to vote at these meetings. Condo bylaws can also include terms regarding topics such as maintenance funds.
Creating thorough condominium bylaws
This may only be a brief list of topics to address when creating condominium bylaws. Since drafting thorough bylaws can be integral in various ways, condo associations in New York might consider retaining the services of an attorney for assistance in preparing to navigate this process. An attorney can help a client better understand every essential component to include in these agreements and help draft bylaws that best align with the goals and interests of the endeavor.