New Hampshire Condominium Act — Members of the Board of Directors and Officers

Section 356-B:40 Members of the Board of Directors and Officers. TITLE XXXI TRADE AND COMMERCE CHAPTER 356-B CONDOMINIUM ACT Section 356-B:40 Members of the Board of Directors and Officers. --> TITLE XXXI TRADE AND COMMERCE CHAPTER 356-B CONDOMINIUM ACT III. Unit Owners' Associations Section 356-B:40     356-B:40 Members of the Board of Directors and Officers. – I. Except as provided in the declaration, the bylaws, paragraph II, or other provisions of this chapter, the board of directors acts on behalf of the association. In the performance of their duties, officers and members of the board of directors appointed by the declarant shall exercise the degree of care and loyalty to the association required of a trustee. Officers and members of the board of directors not appointed by the declarant shall exercise the degree of care and loyalty to the association required of an officer or director of a corporation organized under RSA 292, and are subject to the conflict of interest rules governing directors and officers under RSA 292. The standards of care and loyalty described in this paragraph apply regardless of the form in which the association is organized. II. The board of directors shall not: (a) Amend the declaration except as otherwise provided in this chapter. (b) Amend the bylaws. (c) Terminate the unit owners' association. (d) Elect members of the board of directors but may fill vacancies in its membership for the unexpired portion of any term or, if earlier, until the next regularly scheduled election of executive board members. (e) Determine the qualifications, powers, and duties, or terms of office of members of the board of directors. II-a. An officer shall not directly receive any salary or compensation from the association for the performance of duties as an officer or board member and shall not in any other way benefit financially from service to the association. II-b. If annually approved by a 2/3 majority of the voting interests present at a properly called meeting of the association, the association may waive the requirements of paragraph II-a. III. The board of directors shall adopt budgets as provided in RSA 356-B:40-c. IV. Subject to the provisions of paragraph V, the declaration may provide for a period of declarant control of the association, during which a declarant, or persons designated by the declarant, may appoint and remove the officers and members of the board of directors. A declarant may voluntarily surrender the right to appoint and remove officers and members of the board of directors before the period ends. In that event, the declarant may require during the remainder of the period that specified actions of the association or board of directors, as described in a recorded instrument executed by the declarant, be approved by the declarant before they become effective. Regardless of the period provided in the declaration, and except as provided in RSA 356-B:36, a period of declarant control terminates no later than the earliest of: (a) Sixty days after conveyance of 60 percent of the units …

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