Legal Question in Real Estate Law in Illinois
Condo Law- breaches in fidicuary responsilibilty
I am currently a Board President of a small assoc.(24 units). We have recently elected a new treasurer. I have recently suspected her whole reason for joining the board was to change the landscaping by having more trees installed and so forth. I am opposed to spending extra money on these things and am having a problem getting othet board members to understand that we have a VERY limited budget for these things. Our complex is 13 years old and we have had a problem in the past with trying to keep up enough reserves (because we are so small) to meet maintenece costs. We have had to pass 2 special assesments in the last 5 and a half years. I will need specific areas in the law and/or court cases to support my position. I am completely opposed to draining our reserves for extra beautification projects just because she (cureent tresurer) doesn't like what's currently installed in thse areas. Any help you could provide would be appreciated. Our next open meeting is scheduled for 5/19/05.
1 Answer from Attorneys
Re: Condo Law- breaches in fidicuary responsilibilty
You need an attorney for the HO ass'n.