25 Del. C. §81-303
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DUCIOA — Executive Board Members and Officers
Board members must exercise the degree of care and loyalty required of an officer or director of a Delaware corporation. Declarant control terminates at the earliest of: 75 percent of residential units conveyed, 2 years after sales cessation, or 7 years for nonresidential units. At transition, declarant must provide an audit at its sole expense by a non-affiliated CPA.
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Governance
| Ref | Requirement |
|---|---|
| Board members must exercise the degree of care and loyalty required of an officer or director of a Delaware corporation. | |
| Declarant control terminates at the earliest of: 75 percent of residential units conveyed, 2 years after sales cessation, or 7 years for nonresidential units. | |
| At transition, declarant must provide an audit at its sole expense by a non-affiliated CPA. |
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