waiving any claim of lien. As an alternative to initiating a judicial action, the managing entity may initiate a trustee procedure to foreclose an assessment lien. Before initiating the trustee foreclosure procedure against any timeshare interest in a given timeshare plan, if a timeshare instrument contains any provision specifically prohibiting the use of the trustee foreclosure procedure, or if the managing entity otherwise determines that the timeshare instrument should be amended to specifically provide for the use of the trustee foreclosure procedure, an amendment to the timeshare instrument permitting the use of the trustee foreclosure procedure set forth in this section must be adopted and recorded prior to the use of the trustee foreclosure procedure. Such an amendment to the timeshare instrument shall contain a statement in substantially the following form and may be adopted by a majority of those present and voting at a duly called meeting of the owners’ association at which at least 15% of the voting interests are present in person or by proxy. • Managing entity : The person who operates or maintains the timeshare plan. • Owners’ association : An association made up of all owners of timeshare interests in a timeshare plan, including developers and purchasers. • Purchaser : Any person, other than the developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare plan. operation of the condominium be by the association, which must be a Florida corporation for profit or a Florida corporation not for profit. The powers and duties of a cooperative association include those set forth in F.S. 719 and, except as expressly limited or restricted in F.S. 719, those set forth in the articles of incorporation and bylaws and part I of F.S. 607 and 617, as applicable. A unit owner/ shareholder does not have the right to act on behalf of the association simply because they are a unit owner/ shareholder. As defined in F.S. 617, a board of directors is the group of persons vested with the management of the affairs of the corporation irrespective of the name by which such group is designated, including, but not limited to, managers or trustees. An officer, director, or agent shall discharge their duties in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner they reasonably believe to be in the interests of the association. ● Member : One having membership rights in a corporation in accordance with the provisions of its articles of incorporation or bylaws or the provisions of F.S. 617, not-for-profit corporations. ● Total voting power : The total number of votes entitled to be cast for the election of directors at the time the determination of voting power is made, voting power shall, unless otherwise provided in the articles of incorporation or bylaws, be on a one- member, one-vote basis. Proper board meeting notice For valid meetings of the board of directors, proper notice is required. Proper notice is not limited to posting in advance, rather proper notice involves the inclusion of an agenda
Unless the timeshare instrument specifically provides a lower percentage, the vote or written consent, or both, of at least 66% of all eligible voting interests present in person or by proxy at a duly noticed, called, and constituted meeting of the owners’ association may, at any time, extend the term of the timeshare plan. If the term of a timeshare plan is extended pursuant to this section, all rights, privileges, duties, and obligations created under applicable law or the timeshare instrument continue in full force to the same extent as if the extended termination date of the timeshare plan were the original termination date of the timeshare plan. The owners’ association meeting may be held at any time before the termination of the timeshare plan. Reserves For any timeshare plan that has an owners’ association, the reserves may be waived or reduced by a majority vote of those voting interests that are present, in person or by proxy, at a duly called meeting of the owners’ association. If a meeting of the purchasers has been called to determine whether to waive or reduce the funding of reserves and no such result is achieved or a quorum is not attained, the reserves as included in the budget shall go into effect. Elections Fifteen percent of the TVI is required to attend (in person or by proxy) a meeting of the members to elect the board of administration. The managing entity may bring judicial action in its name to foreclose a lien and may also bring an action to recover a money judgment for the unpaid assessments without Meetings - Condominium and cooperative associations F.S. 718 requires that each newly elected or appointed board member certify in writing to the secretary of the association that they have read the association’s declaration of condominium, articles of incorporation, bylaws, and current written policies; that they will work to uphold such documents and policies to the best of their ability; and that they will faithfully discharge their fiduciary responsibility to the association’s members. Additionally, newly elected or appointed board members must submit a certificate of having satisfactorily completed the educational curriculum administered by the division or a division-approved condominium education provider. The educational curriculum must be at least four hours long and include instruction on: ● Milestone inspections ● Structural integrity reserve studies ● Elections ● Recordkeeping ● Financial literacy and transparency ● Imposing fines ● Notice and meeting requirements According to F.S. 719, in a cooperative association, each newly elected or appointed board member must certify in writing that they have read the association’s proprietary lease, articles of incorporation, bylaws, and policies. However, unlike condominiums and HOA boards, a cooperative board member is not required by statute to complete an educational curriculum. A newly elected or appointed cooperative board member may, in lieu certifying in writing, complete a division approved curriculum within 90 days of being elected or appointed to the board, or within one year before being elected or appointed to the board. Condominium and cooperative associations are corporate entities. Since January 1, 1977, Florida required that
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Book Code: CAMFL1526
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