New Jersey § 46:8C-17 Purpose of association

New Jersey Statutes

§ 46:8C-17 — Purpose of association

New Jersey § 46:8C-17

Title 46PROPERTY

This text of New Jersey § 46:8C-17 (Purpose of association) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 46:8C-17 (2026).

Text

8. a. The articles of incorporation of a homeowners' association or the bylaws of any unincorporated homeowners' association formed under this act shall provide:

(1)that the association has the power to negotiate for, acquire, and operate the private residential leasehold community on behalf of the homeowners; and (2) that the association has the power to convert the private residential leasehold community, once acquired by the homeowners, to a condominium, a cooperative, or other type of ownership. b. Upon acquisition of the property, the association shall be the entity that creates a condominium, or offers condominium parcels for sale or lease in the ordinary course of business, or, if the homeowners choose a different form of ownership, the entity that owns the record interest in the p

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8. a. The articles of incorporation of a homeowners' association or the bylaws of any unincorporated homeowners' association formed under this act shall provide: (1) that the association has the power to negotiate for, acquire, and operate the private residential leasehold community on behalf of the homeowners; and (2) that the association has the power to convert the private residential leasehold community, once acquired by the homeowners, to a condominium, a cooperative, or other type of ownership. b. Upon acquisition of the property, the association shall be the entity that creates a condominium, or offers condominium parcels for sale or lease in the ordinary course of business, or, if the homeowners choose a different form of ownership, the entity that owns the record interest in the property and is responsible for the operation of property; provided, however, that if the association converts the private residential leasehold community to a cooperative, an election shall be held within 30 days following the establishment of the cooperative to elect a board of directors of the cooperative. L.1991,c.483,s.8; amended 1995,c.365,s.8.