SteveH20 (South Carolina)
Posts: 32
Posts: 32
Posted:
Are there laws in each state that require the HOA Board to have an annual meeting each year?
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HOA Annual Meeting
Started by SteveH20 • 2 replies • 1247 views
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BradP (Kansas)
Posts: 2,640
Posts: 2,640
Posted:
not sure about every state...there are some of the more progressive ones that do. However, your documents should have this as a requirement.
TimB4 (Tennessee)
Posts: 21,062
Posts: 21,062
Posted:
Steve,
The requirements for an annual meeting may be within your HOA laws. However, I have found that this requirement is typically within the States corporate laws. Since most Associations are incorporated, they must also comply with the States corporate laws in addition to the HOA laws.
An Association is typically incorporated as a non-profit corporation. However, there are for profit Associations out there so you will need to check your governing documents to identify how your Association is incorporated.
Title 33, Chapter 31 is the SOUTH CAROLINA NONPROFIT CORPORATION ACT. Per section 33-31-701 of that act [emphasis added]:
(a) A corporation with members shall hold a membership meeting annually at a time stated in or fixed in accordance with the bylaws.
(b) A corporation with members may hold regular membership meetings at the times stated in or fixed in accordance with the bylaws.
(c) Annual and regular membership meetings may be held in or out of this State at the place stated in or fixed in accordance with the bylaws. If no place is stated in or fixed in accordance with the bylaws, annual and regular meetings must be held at the corporation's principal office.
(d) At the annual meeting:
(1) The president and chief financial officer shall report on the activities and financial condition of the corporation; and
(2) Unless this chapter or the articles of incorporation or bylaws require otherwise, notice of an annual meeting need not include a description of the purpose for which the meeting is called.
(e) At regular meetings, the members shall consider and act upon matters as raised consistent with provisions of the articles of incorporation or bylaws and, in addition, with the notice requirements of this chapter.
(f) The failure to hold an annual or regular meeting at a time stated in or fixed in accordance with a corporation's bylaws does not affect the validity of a corporate action.
The requirements for an annual meeting may be within your HOA laws. However, I have found that this requirement is typically within the States corporate laws. Since most Associations are incorporated, they must also comply with the States corporate laws in addition to the HOA laws.
An Association is typically incorporated as a non-profit corporation. However, there are for profit Associations out there so you will need to check your governing documents to identify how your Association is incorporated.
Title 33, Chapter 31 is the SOUTH CAROLINA NONPROFIT CORPORATION ACT. Per section 33-31-701 of that act [emphasis added]:
(a) A corporation with members shall hold a membership meeting annually at a time stated in or fixed in accordance with the bylaws.
(b) A corporation with members may hold regular membership meetings at the times stated in or fixed in accordance with the bylaws.
(c) Annual and regular membership meetings may be held in or out of this State at the place stated in or fixed in accordance with the bylaws. If no place is stated in or fixed in accordance with the bylaws, annual and regular meetings must be held at the corporation's principal office.
(d) At the annual meeting:
(1) The president and chief financial officer shall report on the activities and financial condition of the corporation; and
(2) Unless this chapter or the articles of incorporation or bylaws require otherwise, notice of an annual meeting need not include a description of the purpose for which the meeting is called.
(e) At regular meetings, the members shall consider and act upon matters as raised consistent with provisions of the articles of incorporation or bylaws and, in addition, with the notice requirements of this chapter.
(f) The failure to hold an annual or regular meeting at a time stated in or fixed in accordance with a corporation's bylaws does not affect the validity of a corporate action.
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