Louisiana Revised Statutes 9:1123.101 – Organization of unit owners’ association
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 9:1123.101
- association: means a corporation, or unincorporated association, owned by or composed of the unit owners and through which the unit owners manage and regulate the condominium. See Louisiana Revised Statutes 9:1121.103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Unit: means a part of the condominium property subject to individual ownership. See Louisiana Revised Statutes 9:1121.103
A unit owners’ association shall be organized no later than the date the condominium is created. The membership of the association at all times shall consist exclusively of all the unit owners or, following termination of the condominium, of all former unit owners entitled to distributions of proceeds under Section 1122.112, or their heirs, successors, or assigns. The association shall be organized as a profit or nonprofit corporation, or as an unincorporated association.
Acts 1979, No. 682, §1.