Treasurer 'resigns' mid-term - how to handle

Started by SusanG11 • 3 replies • 374 views

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SusanG11 (Massachusetts)
Posts: 18

Posted:

I am the President/Secretary of a small 5-owner condo association. Our Treasurer is selling her unit, and resigning as Treasurer effective 12/31. Our bylaws do not state a formal process for replacing her, and I can't find the proper procedure here or in in our state Condo Act (we are in Maine). As a side note- she was the only resident that lived there year-round. One other owner rents year round and lives out-of-state. Three other owners are in seasonal. Any guidance much appreciated!!

KerryL1 (California)
Posts: 14,550

Posted:

Do your bylaws (assuming you're an operation) say you must have a treasurer? If any other owner is willing and meets the qualifications in your Bylaws, the Board can appoint her/him. Again, if you're a corporation, your state's non-probe corporations codes might help.

TimB4 (Tennessee)
Posts: 21,061

Posted:

Most Associations are incorporated, check to be sure.

Expecting you are incorporated, corporate statutes typically allow the remaining board members to appoint someone to fill a vacancy.

ElleN (Idaho)
Posts: 4,420

Posted:

Quote:

Posted By SusanG11 on 11/30/2023 6:02 PM
I am the President/Secretary of a small 5-owner condo association. Our Treasurer is selling her unit, and resigning as Treasurer effective 12/31. Our bylaws do not state a formal process for replacing her, and I can't find the proper procedure here or in in our state Condo Act (we are in Maine).

Keep in mind that officer positions and director positions are different. Officer positions include President, VP, Secretary and Treasurer. Much of the time a person who is a director also serves as an officer.

-- Is your Treasurer also a director? I am betting yes.

-- If the treasurer is also director, she needs to submit a resignation stating she is resigning both positions.

-- The Maine Condo Act states that the board may fill director vacancies. See https://legislature.maine.gov/statutes/33/title33sec1603-103.html , part (b). Also part (e) says the board elects the officers, meaning to me, when an officer (such as the Treasurer) resigns, the board elects the replacement officer.

-- The Maine Nonprofit Corporation Act says the same thing or similar. See:

https://legislature.maine.gov/statutes/13-B/title13-Bsec703.html
https://legislature.maine.gov/statutes/13-B/title13-Bsec710.html
https://legislature.maine.gov/statutes/13-B/title13-Bsec711.html

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