§ 11B-111.5. Court appointment of receiver

   (a) Receiver appointed if quorum fails. -- If a homeowners association fails to fill vacancies on the governing body sufficient to constitute a quorum in accordance with the bylaws, three or more owners of lots may petition the circuit court for the county where the condominium is located to appoint a receiver to manage the affairs of the homeowners association.

(b) Notice required. --

   (1) At least 30 days before petitioning the circuit court, the lot owners acting under the authority granted by subsection (a) of this section shall mail to the governing body a notice describing the petition and the proposed action.

   (2) The lot owners shall mail a copy of the notice to the owner of each lot in the development.

(c) No quorum within notice period. -- If the governing body fails to fill vacancies sufficient to constitute a quorum within the notice period, the lot owners may proceed with the petition.

(d) Limitations on receiver. -- A receiver appointed by a court under this section may not reside in or own a lot in the development governed by the homeowners association.

(e) Powers and duties of receiver; length of service. --

   (1) A receiver appointed under this section shall have all powers and duties of a duly constituted governing body.

   (2) The receiver shall serve until the homeowners association fills vacancies on the governing body sufficient to constitute a quorum.

(f) Common expenses. -- The salary of the receiver, court costs, and reasonable attorney's fees are expenses of the homeowners association.

HISTORY: 2007, ch. 321.