2018 New Mexico Statutes
Chapter 47 - Property Law
Article 16 - Homeowner Association
Section 47-16-7 - Board members and officers; duties; budget.
A. Except as provided in the community documents or other provisions of the Homeowner Association Act, the board acts on behalf of the association. In the performance of their duties, officers and members of the board shall exercise, if appointed by the declarant, the degree of care and loyalty required of a fiduciary of the lot owners and, if elected by the lot owners, ordinary and reasonable care.
B. The board or the lot owners, as provided for in the community documents, shall adopt a budget annually. Within thirty calendar days after adoption of any proposed budget for the association, the board shall provide a summary of the budget to all the lot owners.
History: Laws 2013, ch. 122, § 7.
Effective dates. — Laws 2013, ch. 122, § 16 provided that the Homeowner Association Act was effective July 1, 2013.
Compiler's notes. — Laws 2013, ch. 122, §§ 1 through 14 were erroneously compiled as 47-7E-1 through 47-7E-14 NMSA 1978, and have been recompiled as 47-16-1 through 47-16-14 NMSA 1978 by the compiler.
