(1)The declaration must
allocate to each unit:
(a)In a condominium, a fraction or percentage of undivided interests in the
common elements and in the common expenses of the association and, to the
extent not allocated in the bylaws of the association, a portion of the votes in the
association;
(b)In a cooperative, an ownership interest in the association, a fraction or
percentage of the common expenses of the association, and, to the extent not
allocated in the bylaws of the association, a portion of the votes in the association;
(c)In a planned community, a fraction or percentage of the common
expenses of the association and, to the extent not allocated in the bylaws of the
association, a portion of the votes in the association; except that, in a large planned
community, t
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(1) The declaration must
allocate to each unit:
(a) In a condominium, a fraction or percentage of undivided interests in the
common elements and in the common expenses of the association and, to the
extent not allocated in the bylaws of the association, a portion of the votes in the
association;
(b) In a cooperative, an ownership interest in the association, a fraction or
percentage of the common expenses of the association, and, to the extent not
allocated in the bylaws of the association, a portion of the votes in the association;
(c) In a planned community, a fraction or percentage of the common
expenses of the association and, to the extent not allocated in the bylaws of the
association, a portion of the votes in the association; except that, in a large planned
community, the common expenses of the association may be paid from
assessments and allocated as set forth in the declaration and the votes in the
association may be allocated as set forth in the declaration.
(2) The declaration must state the formulas used to establish allocations of
interests. Those allocations may not discriminate in favor of units owned by the
declarant or an affiliate of the declarant.
(3) If units may be added to or withdrawn from the common interest
community, the declaration must state the formulas to be used to reallocate the
allocated interests among all units included in the common interest community
after the addition or withdrawal.
(4) (a) The declaration may provide:
(I) That different allocations of votes shall be made to the units on particular
matters specified in the declaration;
(II) For cumulative voting only for the purpose of electing members of the
executive board;
(III) For class voting on specified issues affecting the class, including the
election of the executive board; and
(IV) For assessments including, but not limited to, assessments on retail
sales and services not to exceed six percent of the amount charged for the retail
sale or service, and real estate transfers not to exceed three percent of the real
estate sales price or its equivalent.
(b) A declarant may not utilize cumulative or class voting for the purpose of
evading any limitation imposed on declarants by this article, nor may units
constitute a class because they are owned by a declarant.
(c) Assessments allowed under subparagraph (IV) of paragraph (a) of this
subsection (4) shall be entitled to the lien provided for under section 38-33.3-316
(1) but shall not be entitled to the priority established by section 38-33.3-316 (2)(b).
(d) Communities with classes for voting specified in the declaration as
allowed pursuant to subparagraph (III) of paragraph (a) of this subsection (4) may
designate classes of members on a reasonable basis which do not allow the
declarant to control the association beyond the period provided for in section 38-33.3-303, including, without limitation, residence owners, commercial space
owners, and owners of lodging space and to elect members to the association
executive board from such classes.
(5) Except for minor variations due to the rounding of fractions or
percentages, the sum of the common expense liabilities and, in a condominium, the
sum of the undivided interests in the common elements allocated at any time to all
the units shall each equal one if stated as fractions or one hundred percent if stated
as percentages. In the event of discrepancy between an allocated interest and the
result derived from application of the pertinent formula, the allocated interest
prevails.
(6) In a condominium, the common elements are not subject to partition
except as allowed for in section 38-33.3-312, and any purported conveyance,
encumbrance, judicial sale, or other voluntary or involuntary transfer of an
undivided interest in the common elements not allowed for in section 38-33.3-312,
that is made without the unit to which that interest is allocated is void.
(7) In a cooperative, any purported conveyance, encumbrance, judicial sale,
or other voluntary or involuntary transfer of an ownership interest in the association
made without the possessory interest in the unit to which that interest is related is
void.