Quote:
Posted By JamesS39 on 12/12/2023 9:22 AM
In the Fl Statute 720 when over 50% of all [parcels] are out of the control of the developer, at least one board member can be elected by others than the developer. There is one house that was owned by people other than the developer but for unknown reasons to me, it was repossessed by the developer. Does this [parcel] count for or against the 50% needed to bring about the election of one board member?
My parsing of the grammar in FS 720 on this point says control does not revert back to the developer; the owners remain in control the instant 50% of the parcels "have been conveyed to members other than the developer."
Back to reality:
If the developer here is saying otherwise, and is making real trouble, you are stuck lawyering up. Though I would keep in mind that we are talking about one director elected by owners. Chances are this one director cannot make much difference anyway.