NMSA §47-16-7
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Homeowner Association Act — Board Members; Duties; Budget
Board acts on behalf of the association. Declarant-appointed members owe fiduciary duty; elected members owe ordinary and reasonable care free from undisclosed conflict of interest. Board members must certify in writing within 90 days of election or appointment. Budget adopted annually and distributed to lot owners within 30 calendar days. Management contracts must disclose vendor conflicts of interest.
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Disclosure
| Ref | Requirement |
|---|---|
| Board members must certify in writing within 90 days of election or appointment. | |
| Declarant-appointed members owe fiduciary duty; elected members owe ordinary and reasonable care free from undisclosed conflict of interest. |
Governance
| Ref | Requirement |
|---|---|
| Budget adopted annually and distributed to lot owners within 30 calendar days. | |
| Board acts on behalf of the association. |
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