Articles of Incorporation: Part of the package of documents which must be provided to every purchaser of a condominium.
This document, when filed with the secretary of state, legally establishes the homeowners association of a condominium complex as a corporation in that state. It includes:
1. Name of the corporation and its term
2.Purpose, powers, restrictions and dividend policy
3.Addresses of: initial offices of the corporation, place where business will be conducted.
4.Name and addresses of the incorporators and registered agent
5.Specifications of membership, including classes available, how membership is acquired, cessation of membership, voting entitlement and amendment procedure
6. How the affairs of the association shall be controlled and managed by a board of directors, their required number, procedure for establishment, terms in office, and the names and addresses of the members comprising the first such board. (At the time this document is originally filed, there are no homeowners as such; the board will be comprised of those persons who are initiating the entire project. When the condominium complex is constructed, and sufficient units have been sold, control of the association will be transferred to the homeowners.)
7. Authorization for appointment of managing agent
8. Party who has the power to convey, or encumber, the association's property, and to execute deeds, contracts, etc.
9. Provisions for management of business and other affairs of the association; indemnification of officers and directors against costs and expenses reasonably incurred in possible lawsuits due to their positions
10.Authorization for the adoption of initial by-laws, as well as the power to alter, amend or repeal them; and the right to alter the articles of incorporation.