CAI-NJ Aug. 2020(w)

COMPLIANCE... from page 13.

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documents to require a certain per- centage of approval votes in order to make any changes or amendments to the bylaws. For example, to change something as simple as a working capital contribution or closing fee, the board may need to go through a process of proposing and approving an amendment. Depending on the requirements outlined in the governing documents, this could require a vote, and may not be as easy a change as originally anticipated. “There may be scenarios in which the board is unsure of what actions can or should be There may be scenarios in which the board is unsure of what actions can or should be taken that would be considered compliant based on the governing documents. In these types of situations, it is recommended that the board consult their attorney or accountant. Other scenarios in which the board may feel it is necessary to consult a professional is when applying for a loan. As the association matures, major repairs or renovations may present a financial challenge. In these situations, the board may decide obtaining a loan is the best solution. Often, within the taken that would be considered compliant based on the governing documents.”

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