2005 Minnesota Statutes - 515.195 — When first officers\' terms end; contract restrictions.

     515.195 When first officers' terms end; contract 
  restrictions. 


    Subdivision 1.    At annual meeting.  At the first 
 annual meeting subsequent to the earlier of (a) five years from 
 the date of recording the declaration or (b) when three-fifths 
 of the apartment owners are other than the owner who submits the 
 property to the provisions of this chapter, the terms of office 
 of all then existing officers and directors shall terminate. 


    Subd. 2.    Two-year limit on deals.  No contract, 
 lease, management contract, employment contract, or lease of 
 recreational areas or facilities, which is directly or 
 indirectly made by or on behalf of the association of apartment 
 owners shall be entered into for a period exceeding two years. 


    HIST: 1976 c 244 s 3