Turnover

The Turnover Meeting

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.

Following The Turnover Meeting

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.

Summary

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.