Tennessee Condominium Act -- Board of Directors and Officers
Establishes board structure, duties, and the declarant control transition. Board members appointed by the declarant must exercise the care required of fiduciaries; elected board members must exercise ordinary and reasonable care. The board may act on behalf of the association except: amending the declaration, terminating the condominium, or determining board composition/terms. The board may fill vacancies for unexpired terms. Developer transition: at least one board member must be elected by unit owners (other than declarant) no later than 120 days after conveyance of 25% of units. Declarant control terminates no later than the earlier of: 120 days after conveyance of 75% of units to non-declarant purchasers, or 5 years after first conveyance to a non-declarant purchaser (7 years if more than 100 units may be created). After declarant control ends, unit owners elect a board of at least 3 members, at least a majority of whom must be unit owners. Also contains the reserve study mandate at subsection (g).
Reviewed · Tennessee changes feed
| Ref | Requirement |
|---|---|
| The board may fill vacancies for unexpired terms. | |
| The board may act on behalf of the association except: amending the declaration, terminating the condominium, or determining board composition/terms. | |
| Board members appointed by the declarant must exercise the care required of fiduciaries; elected board members must exercise ordinary and reasonable care. | |
| Establishes board structure, duties, and the declarant control transition. | |
| (c) | Not later than one hundred twenty (120) days after conveyance of twenty-five percent (25%) of the units |
| (d) | Five (5) years after the conveyance of the first unit to a purchaser |
| (d) | One hundred twenty (120) days after conveyance of seventy-five percent (75%) of the units to unit owners other than a declarant |