Legal Question in Business Law in Florida
Responsibilities of the transition board members
There is a transition of a business and the "board" is elected by the registered voters. Is the old board or the new board to handle the budget? Is the old board to be the "transition" board, just handling the paper work of this transition?
1 Answer from Attorneys
Re: Responsibilities of the transition board members
It is unclear whether you are referring to a Homeowner's Association board, a Condominium board or some other type of organization. Without looking at the relevant documentation (i.e., Declaration of Restrictions or Decelaration of Condominium with associated governing documents) it is impossible to answer the question. Typically, a new board retains the same rights and obligations of the former board with the positions just being held by different people. Consult with a real estate attorney but first gather all of the appropriate documentation including, minutes of the meetings of the board(s) and provide these to the attorney.
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