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2012 SESSION

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SB 628 Virginia Property Owners' Association Act; limitation on certain contracts and leases by declarant.

Introduced by: Mark R. Herring | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Virginia Property Owners' Association Act; limitation on certain contracts and leases by declarant.  Limits any management contract or employment contract that is entered into during the period of declarant control to five years. The bill also provides that any such contract or agreement entered into on or after July 1, 2012, may be terminated without penalty by the association or its board of directors upon not less than 90 days' written notice to the other party given not later than 60 days after the expiration of the period of declarant control contemplated by the governing documents. In addition, the bill requires the declarant to include, with other information provided upon transfer of control to the association, the number of lots that may be subject to the declaration upon completion of development and the number of members of the board of directors and number of such directors appointed by the declarant together with names and contact information of members of the board of directors.


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