2005 Minnesota Statutes - 515B.3-101 — Organization of unit owners\' association.

     515B.3-101 Organization of unit owners' association. 


    A common interest community shall be administered by an 
 association.  The association shall be incorporated no later 
 than the date the common interest community is created.  The 
 membership of the association at all times consists exclusively 
 of all unit owners or, following termination of the common 
 interest community, of all former unit owners entitled to 
 distributions of proceeds under section 515B.2-119 or their 
 heirs, successors, or assigns.  The association shall be 
 organized as a Minnesota profit or nonprofit corporation, or 
 may, in the case of a cooperative, be organized under chapter 
 308A.  In the event of a conflict between this chapter and any 
 other chapter under which the association is incorporated, this 
 chapter shall control. 


    HIST: 1993 c 222 art 3 s 1; 2005 c 121 s 21