GeraldT1 (<Not Specified>)
Posts: 519
Posts: 519
Posted:
I live in a north New Jersey community that consists of two boards. An HOA (single-family homes and townhouses) and a COA (townhouses). Budgets were mailed by the boards that re-allocate the snow removal expense of approx. $30,000.00 from the COA to the HOA. There was supposed to be a resolution passed that permits the re-allocation, but it has not been ratified in an open meeting yet. The board procedure that achieved this is my real concern.
Reason is, there is a COA by-law that states the prior written approval of at least fifty-one percent (51%) of the Eligible Mortgage Holders is required for any material amendment to this Master Deed or to the By-Laws or Certificate of Incorporation including but not limited to, any amendment which would change any provision relating to: c) responsibility for maintenance and repairs.
Since it was always on the COA budget and in our prospectus for snow related expenses to be funded by the COA, I don't understand why the re-allocation isn't considered a material amendment that requires 51% of the eligible mortgage holders to achieve.
Can anyone provide insight?
Reason is, there is a COA by-law that states the prior written approval of at least fifty-one percent (51%) of the Eligible Mortgage Holders is required for any material amendment to this Master Deed or to the By-Laws or Certificate of Incorporation including but not limited to, any amendment which would change any provision relating to: c) responsibility for maintenance and repairs.
Since it was always on the COA budget and in our prospectus for snow related expenses to be funded by the COA, I don't understand why the re-allocation isn't considered a material amendment that requires 51% of the eligible mortgage holders to achieve.
Can anyone provide insight?