Residents Management Company Articles Of Association are essential when property owners wish to collectively manage their residential development through a formal corporate structure. This document is particularly relevant for multi-unit developments, apartment complexes, or planned communities in the United States where residents need a legal framework for shared property management. The articles detail membership rights, voting procedures, appointment of directors, financial management, and decision-making processes. They must comply with state corporation laws and federal regulations while providing flexibility for future amendments as the community's needs evolve.
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1. Interpretation: Definitions of terms used throughout the articles
2. Company Name: Official name of the management company
3. Objects: Primary purposes and objectives of the company
4. Powers: Specific powers granted to the company
5. Members: Rights, obligations and qualifications of members
6. Directors: Appointment, removal, and powers of directors
7. General Meetings: Procedures for conducting meetings
1. Share Capital: Details of share structure when the company issues shares
2. Transfer of Shares: Rules for transferring ownership when shares are transferable
3. Borrowing Powers: Provisions for company borrowing when company needs borrowing authority
1. Property Schedule: Details of managed properties
2. Service Charges Schedule: Breakdown of management fees and charges
3. Members Register: List of current members and their holdings
4. Management Rules: Detailed operational procedures
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