ConchoP (Texas)
Posts: 208
Posts: 208
Posted:
I understand that a Class B membership is the developer.
On the website "Findhoalaw.com"states:
Class B Membership
Class B membership is reserved to the developer, who is given up to three (3) votes for each unit/lot held by the developer. (10 CCR § 2792.18(b)(2).) Class B membership is tied to the developer’s ownership of separate interests (units) that are subject to assessments. (10 CCR § 2792.16(f)(2).) Pursuant to 10 CCR § 2792.32(c), Class B membership automatically converts to Class A membership when any of the following occur:
When 75% of the authorized residential interests transfer to homebuyers;
On the 5th anniversary of the most recent conveyance of a residential interest to a homebuyer. This deadline can be extended indefinitely as long as a residential unit is transferred once every 5 years; or
On the 25th anniversary of the first conveyance of a residential separate interest in a master planned community.
Our HOA By-Laws state:
Class B.
THe Class B Member is the Declaration and has (3)votes for each Lot owned. The Class B Membership ceases and converts to Class A membership on the earlier of
1) when each house in any section located in (said subdivision) is completed and move in ready ; or
2) the date specified in the Declaration
Questions:
1) I can not find said date in the Declaration
2) If the Class B member gets 3 votes,and continues purchase land, plat and build homes; how can Class B turn to a Class A membership
It seems as if the Class B member will always have the majority vote, so the HOA would never have any voting rights.
Thank you in advance
On the website "Findhoalaw.com"states:
Class B Membership
Class B membership is reserved to the developer, who is given up to three (3) votes for each unit/lot held by the developer. (10 CCR § 2792.18(b)(2).) Class B membership is tied to the developer’s ownership of separate interests (units) that are subject to assessments. (10 CCR § 2792.16(f)(2).) Pursuant to 10 CCR § 2792.32(c), Class B membership automatically converts to Class A membership when any of the following occur:
When 75% of the authorized residential interests transfer to homebuyers;
On the 5th anniversary of the most recent conveyance of a residential interest to a homebuyer. This deadline can be extended indefinitely as long as a residential unit is transferred once every 5 years; or
On the 25th anniversary of the first conveyance of a residential separate interest in a master planned community.
Our HOA By-Laws state:
Class B.
THe Class B Member is the Declaration and has (3)votes for each Lot owned. The Class B Membership ceases and converts to Class A membership on the earlier of
1) when each house in any section located in (said subdivision) is completed and move in ready ; or
2) the date specified in the Declaration
Questions:
1) I can not find said date in the Declaration
2) If the Class B member gets 3 votes,and continues purchase land, plat and build homes; how can Class B turn to a Class A membership
It seems as if the Class B member will always have the majority vote, so the HOA would never have any voting rights.
Thank you in advance