#305: Proposed Bylaw Change
In Bylaw Article III Section 3, which reads, “It shall be the duty of the President to call a special meeting of the Unit Owners upon a petition of twenty-five percent (25%) or more of Voting Unit Owners…”
strike “twenty-five percent (25%)”
and insert in its place, “fifteen percent (15%)”
Rationale: this change is required to comply with new legislation (P.L. 2017 chapter 106, specifically C.45:22A-46 4. d. (2)) mandating fifteen percent. The bylaws should be changed to be consistent with New Jersey law.
Sponsor: Paul Kardos
Text last changed: 10/27/17
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