The Florida legislature passed a bill that has major implications to Condominiums in Florida. The bill was signed into law by Governor DeSantis on May 26, 2022. These are life safety updates regarding structural inspections and funding of reserves. This bill was a direct result of the Champlain Tower collapse that occurred last year where 98 people died. Condominium buildings 3 or more stories will now be required to …
Fiduciary Duty: Business Judgment Rule Business Judgment Rule: The legal protection for director’s actions under the corporate structure. Under the business judgment rule, absent evidence of bad faith, fraud, illegality or gross overreaching, courts are not at liberty to interfere with the exercise of business judgment by corporate directors. Purpose: To protect against honest mistakes. The purpose of this rule is to protect directors who have been diligent and careful in performing …
Questions for Board Member Evaluation Performance indicators when evaluation board members and prospective board candidates: Will the Board member: Fulfill his/her fiduciary duties in the best interests of the community? Be a good steward of your maintenance fees? Seek owner input on all important matters and major decisions? Communicate regularly using various methods – newsletters, meetings, website, email, etc? Provide complete transparency regarding the association’s finances? Rigorously …