N.J.S.A. 45:22A-45 — Election of executive board; powers.

45:22A-45 Election of executive board; powers. 3. a. The form of administration of an association organized pursuant to section 1 of P.L.1993, c.30 (C.45:22A-43) shall provide for the election of an executive board, elected by the association members, and voting-eligible tenants where applicable, and responsible to the members of the association pursuant to section 4 of P.L.1993, c.30 (C.45:22A-46), through which the powers of the association shall be exercised and its functions performed. b. Subject to the master deed, declaration of covenants and restrictions, bylaws or other instruments of creation, subsection d. of this section, and the laws of the State, the executive board may act in all instances on behalf of the association. c. The members of the executive board appointed by the developer shall be liable as fiduciaries to the owners for their acts or omissions. d. During control of the executive board by the developer, copies of the annual audit of association funds shall be available for inspection by owners or their authorized representative at the project site. L.1993, c.30, s.3; amended 2017, c.106, s.5. 45:22A-45a Executive board, assessment payable by owners, loan, reasonable, funding corrective maintenance, primary load bearing system, planned real estate development. 8. a. Notwithstanding the terms of a declaration, master deed, bylaws, or other governing document of an association, the executive board may, without the consent of the owners or approval of a developer selling units in the planned real estate development, adopt an assessment payable by the owners over one or more fiscal years or obtain a loan on such terms as the board determines are reasonable, whenever necessary to fund the cost of corrective maintenance of the primary load bearing system of the planned real estate development pursuant to section 3 of P.L.2023, c.214 (C.52:27D-132.4). Prior to adopting an assessment or obtaining a loan under this section, the executive board shall make a determination that the assessment or loan are necessary to maintain structural integrity of a building and shall obtain a written report from an engineer or architect licensed by the State that states that the failure to undertake corrective maintenance of the primary load bearing system will: (1) constitute an imminent or reasonably foreseeable hazard to health or safety; (2) constitute a violation of section 3 of P.L.2023, c.214 (C.52:27D-132.4), or (3) will result in a material increase in the cost of such corrective maintenance if delayed. b. Nothing in this section shall prevent or interfere with the right of an association to pursue a lawsuit concerning claims for construction defects related to any common element of the planned real estate development. L.2023, c.214, s.8.

This is the verbatim text of N.J.S.A. 45:22A-45, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.