The Association came into existence when the Articles of Incorporation were filed and during its initial stage has been operated by the Developer. The Association is a Corporation that has acquired assets, incurred liabilities, entered into contracts and otherwise conducted business. These assets, liabilities, contracts are assumed in their entirety by subsequent Boards regardless of composition of Board.
The actual turnover process is for the purpose of transitioning control of the Board of Directors of the Association from the Developer, to the homeowners. The Florida Statutes and Governing Documents of the Association provide when the owners have a right to elect the majority of the Board. The Statutes require the owners to assume control and require the Developer to relinquish control.
At the official membership turnover meeting the Licensed Management Company Representative will facilitate the resignation of the Developer appointed Board members and conduct the election for the owner Board members.
The newly elected Board of Directors will meet and elect officers amongst themselves. They will establish a regular Board meeting schedule and will begin the process of establishing Committees as needed and will review existing contracts and make recommendations as needed.
The phasing in of owner representation of the Board to the point of total owner control is completely governed by Statute. It is intended to be fair to both the Developer and the owners and take into consideration many possibilities that may occur during construction, and eventual sale of the lots. The new owner-controlled Board should become aware of its responsibilities and put forth its best effort to carry out these responsibilities for the benefit of all unit owners collectively.