Posted:
Lisa, since you have the Articles of Incorporation what do they say is the purpose of the corporation? I'm in a COA in OH but somewhere in the AOI should be language similar to this:
ARTICLE III
The purpose or purposes for which the corporation is formed are:
Section 3.1. To function as a unit ownersβ association for condominium property as required by Section 5311.08, Ohio Revised Code, and in connection therewith, to develop, maintain, improve, repair, alter, operate, administer, service and generally manage the condominium property of the Condominium located in Xxxxxxxx County, Ohio;
Section 3.2. To enforce all covenants, restrictions, reservations, servitudes, profits, licenses, conditions, agreements, easements and liens to which such condominium property is or may become subject and which the Association shall have the right to enforce;
Section 3.3. To represent and promote the welfare of its members generally, and to cooperate with municipal, county, state and other public authorities for the promotion and betterment of the interest of such members;
Section 3.4. To purchase, lease or otherwise acquire, to hold and use, to sell, lease or otherwise dispose of, and to deal in or with personal property of any description and any interest therein;
Section 3.5. To purchase, lease or otherwise acquire, to invest in, hold, use and encumber, to sell, lease, exchange, transfer or otherwise dispose of, and construct, develop, improve, equip, maintain, and operate structures and real property of any description and any interest therein;
Section 3.6. To borrow money, to issue, sell and pledge its notes, bonds and other evidences of indebtedness, to secure any of its obligations by mortgage, pledge or deed of trust of all or any of its property, and to guarantee and secure obligations of any person, all to the extent necessary, useful, or conducive to carrying out any of the purposes of the corporation;
Section 3.7. To invest its funds in any shares or other securities of another corporation, business or undertaking or of a government, governmental authority or governmental subdivision; and
Section 3.8. To do whatever is deemed necessary, useful or conductive to carrying out any of the purposes of the corporation and to exercise all other authority enjoyed by corporations generally by virtue of the provisions of the Ohio Non-Profit Corporation Law.
Nothing in these Articles of Incorporation or in the By-Laws shall authorize the corporation to, and the corporation shall not, enter into any transaction, carry on any activity, or engage in any business for Pecuniary profit. The net earnings of the corporation, if any, shall not inure to the benefit of any incorporator, member, or any member of the Board of Trustees of the corporation, or any private individual.
The corporation shall not, and no clause of this Article III shall be construed as authorizing the corporation, to do any act or enter into any agreement or deal with real or personal property in a manner which would violate any provision of Chapter 5311 of the Ohio Revised Code or any amendments thereto.
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