§ 116B.525 — Meetings of executive board; frequency of meetings; requirements concerning notice and agendas; periodic review of certain financial and legal matters at meetings; requirements concerning minutes of meetings; right of units’ owners to make audio recordings of certain meetings

Nevada § 116B.525

• Jurisdiction: Nevada
• Title 10: PROPERTY RIGHTS AND TRANSACTIONS
• Ch. 116B: Condominium

Text

1. A meeting of the executive board must be held at least once a year.
2. Except in an emergency or unless the bylaws of an association require a longer period of notice, the secretary or other officer specified in the bylaws of the association shall, not less than 30 days before the date of a meeting of the executive board, cause notice of the meeting to be given to the units’ owners. Such notice must be:
(a) Given to the units’ owners in the manner set forth in NRS 116B.513 ; or
(b) Published in a newsletter or other similar publication that is circulated to each unit’s owner.
3. In an emergency, the secretary or other officer specified in the bylaws of the association shall, if practicable, cause notice of the meeting to be sent prepaid by United States mail to the mailing address of each unit within the condominium hotel. If delivery of the notice in this manner is impracticable, the notice must be hand-delivered to each unit within the condominium hotel or posted in a prominent place or places within the common elements of the association.
4. The notice of a meeting of the executive board must state the time and place of the meeting and include a copy of the agenda for the meeting or the date on which and the locations where copies of the agenda may be conveniently obtained by the units’ owners. The notice must include notification of the right of a unit’s owner to:
(a) Have a copy of the minutes or a summary of the minutes of the meeting provided to the unit’s owner upon request and, if required by the executive board, upon payment to the association of the cost of providing the copy to the unit’s owner.
(b) Speak to the association or executive board, unless the executive board is meeting in executive session.
5. The agenda of the meeting of the executive board must comply with the provisions of subsection 4 of NRS 116B.520 . The period required to be devoted to comments by the units’ owners and discussion of those comments must be scheduled for the beginning of each meeting. In an emergency, the executive board may take action on an item which is not listed on the agenda as an item on which action may be taken.
6. At least once every year, unless the declaration or bylaws of the association impose more stringent standards, the executive board shall review, at a minimum, the following financial information at one of its meetings:
(a) A current year-to-date financial statement of the association;
(b) A current year-to-date schedule of revenues and expenses for the operating account and the reserve account, compared to the budget for those accounts;
(c) A current reconciliation of the operating account of the association;
(d) A current reconciliation of the reserve account of the association;
(e) The latest account statements prepared by the financial institutions in which the accounts of the association are maintained; and
(f) The current status of any civil action or claim submitted to arbitration or mediation in which the association is a party.
7. The secretary or other officer specified in the bylaws shall cause minutes to be recorded or otherwise taken at each meeting of the executive board. Not more than 30 days after each such meeting, the secretary or other officer specified in the bylaws shall cause the minutes or a summary of the minutes of the meetings to be made available to the units’ owners. A copy of the minutes or a summary of the minutes must be provided to any unit’s owner upon request and, if required by the executive board, upon payment to the association of the cost of providing the copy to the unit’s owner.
8. Except as otherwise provided in subsection 9 and NRS 116B.530 , the minutes of each meeting of the executive board must include:
(a) The date, time and place of the meeting;
(b) The names of those members of the executive board who were present and of those members who were absent at the meeting;
(c) The substance of all matters proposed, discussed or decided at the meeting;
(d) A record of each member’s vote on any matter decided by vote at the meeting; and
(e) The substance of remarks made by any unit’s owner who addresses the executive board at the meeting if the unit’s owner requests that the minutes reflect his or her remarks or, if the unit’s owner has prepared written remarks, a copy of his or her prepared remarks if the unit’s owner submits a copy for inclusion.
9. The executive board may establish reasonable limitations on materials, remarks or other information to be included in the minutes of its meetings.
10. The association shall maintain the minutes of each meeting of the executive board until the condominium hotel is terminated.
11. A unit’s owner may record on audiotape or any other means of sound reproduction a meeting of the executive board, unless the executive board is meeting in executive session, if the unit’s owner, before recording the meeting, provides notice of his or her intent to record the meeting to the members of the executive board and the other units’ owners who are in attendance at the meeting.
12. As used in this section, “emergency” means any occurrence or combination of occurrences that:
(a) Could not have been reasonably foreseen;
(b) Affects the health, welfare and safety of the units’ owners or residents of the condominium hotel;
(c) Requires the immediate attention of, and possible action by, the executive board; and
(d) Makes it impracticable to comply with the provisions of subsection 2 or 5.

Legislative History

(Added to NRS by 2007, 2226 ; A 2015, 1231 )