CAI-NJ March 2022

BOARD MEMBERS... from page 36.

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ing in a biased and/or discriminatory manner might risk losing indemnifica- tion by the association, depending on the conduct in question. 6. Disclose personal or professional rela- tionships with any company or individual who has or is seeking to have a business relationship with the association. A board’s fiduciary duty also requires full disclosure and careful consideration of conflicts of interest. A board member’s loyalty must be to the association and not their own per- sonal or business interests. If a board member votes to hire a company with whom he or she has some personal or financial stake, the board member has interests are conflicted. It is not automatically unlawful or improper for an association to enter a transac- tion where a board member has an interest. However, the New Jersey Nonprofit Corporation Act requires full and complete disclosure of the conflict and requires that the transac- tion be fair and within the best inter- ests of the association. When faced with potential conflicts, boards are urged to consult with the association’s legal counsel on how to proceed. Again, community associations are generally governed in a democratic manner where unit owner interests are considered and represented by way of elected board members. For unit owners to respect the outcome of elec- tions and decisions of a board, elec- 7. Conduct open, fair and well-publicized elections.

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