Election and new business in same meeting

Normally election results are announced at some point during the annual meeting of the owners. This is not the same as a board meeting. Do you understand the difference between a meeting of the owners and a board meeting?

To get meaningful responses to your query, I think you are going to have to explain when this election occurred and more.

Without looking at your governing docs, the new board typically takes over once the election results are known.

As with most Associations - I expect that the Officers were appointed from amongst the Directors.

For us, at the next board meeting, both the old board and the new board attended.
The old board were filling their officer duties (as they had not been replaced by the new board yet).
The new board made any decisions (as they were the duly elected Directors).
New Officers were elected at the end of the meeting by the new board.

You need two separate meetings, DavidP. The first would be the Members ( Owners) Annual meeting & Election. Your directors are elected.

Immediately adjourn to the Organizational Meeting of the Board. Call this open board meeting to order. On its agenda, the Board appoints officers. Also on its agenda might be things like setting the date of the board's regular meeting --say the last Tuesday of every month. Do remember to post a notice of this meeting and agenda 4 days before the meeting.

Also on this agenda, place approving the loan. Someone, of course, takes minutes.

I'm wondering about why your assn. is electing 5 directors. Do directors serve only one year? If not, say your bylaws state 2-year terms, many bylaws say you must have staggered terms, i.e., on year the assn would elect 2 directors, and th next year, the assn members would elect 3 directors.

A bank loan can be approved, via a secret ballot, at a members meeting, annual or special, or at a board meeting. Either way, proper notification must be made, either 10 days for a member meeting o 4 days for a board meeting.

To be clear, David, you wrote: "The bank requires we approve the loan proposal in a meeting and is documented in minutes." Does "we" mean the Board or does it mean the owners?

If it means the Board, it must be approved at a meeting of the Board. I can see Cathy's point, but in this case 4 of the 5 directors will be reelected so presumably are familiar with this loan. Our Org. Meetings generally only are about officers & the new Board, but, as a board meeting, there certainly can be other topics if 4 days' notice given & the topic is on that posted agenda.

Bank requires that loan commitment letter, approval of special assessment, and budget.

The special assessment was approved back in May. We sent ballots and got the necessary votes to pass. The budget will be approved in this meeting.

This is our budget and president report is given and approved.

The bank is asking for budget to be approved because they are requiring our dues to be $410 a month per unit. In looking at our finances over the last year for the loan this is what they determine our dues need to be.

The were $340 and we actual just raised them to $410 as of Oct 1. So this requirement is met.

Our directors are elected every year. All directors are up for election at the same time.

Are you saying the '232 budget will be approved by the Board at the annual meeting of the members???: "The budget will be approved in this meeting."