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| Tuesday, February 07, 2012
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YolandaW
(Georgia)
Posts:11
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| 07/13/2006 6:30 AM |
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I live in a community of 87 homes. Our CC&R require a HOA and it is in force for a minimum of 20 years. I was just wondering the structure of the board example what are the main members and there responsiblities. with 4 to 5 members of a board do you need a director and what does that person do. (No details on job duties for pres, vice pres, sec and treasure. but I hear alot about director.
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GeraldT1
Posts:0
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| 07/13/2006 8:32 AM |
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Hi YolandaW,
A director is a Board member that does not hold an office (pres, vice pres, sec, and treas.).
There are basic powers, duties, functions of the Board outlined in the governing documents. Typcially, officers are chosen by the Board members and serve at the pleasure of the Board. If a director is an officer, he/she can remain a director if the title of officer no longer exists. Not all officers have to be Board members, just depends on what your gov. docs provide.
GeraldT1 |
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RogerB
(Colorado)
Posts:4647
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| 07/13/2006 11:27 AM |
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Yolanda, following is example:
The duties of the officers, which are delegable to other persons or the managing agent, are as follows:
(a) President:
The president shall preside at all meetings of the Board and Members; shall see that orders and resolutions of the Board are carried out; shall sign all leases, mortgages, deeds and other written instruments.
(b) Vice-President:
The vice-president shall act in the place and stead of the president in the event of the president's absence, inability, or refusal to act, and shall exercise and discharge such other duties as may be required of the vice-president by the Board.
(c) Secretary:
The secretary or a designated agent shall record the votes and keep the minutes of all meetings and proceedings of the Board and of the Members; serve notice of meetings of the Board and of the Members; keep appropriate current records showing the names of the Members together with their addresses; shall prepare, execute, certify and record amendments to the Declaration, Articles of Incorporation, and Bylaws on behalf of the Association; and shall perform such other duties as required by the Board.
(d) Treasurer:
The treasurer or a designated agent shall receive and deposit in appropriate bank accounts all monies of the Association and disburse such funds as directed by resolution of the Board; sign promissory notes and checks of the Association; keep proper books of account; cause an annual compilation report of the Association books to be made by a Certified Public Accountant at the completion of each fiscal year or, at the option of the Board, or as required, an annual review or audited financial statement; and prepare an annual budget to be presented to the membership, and deliver a copy of each to the Members. |
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