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Our present condo-board took over from our sponsor last Feb. 2009. The offering plan and by-laws call for annual elections on last Thursday in May. The present condo board is calling for elections for next May 2010. They didn’t call for elections last May 2009 as the offering plan says.
It is my understanding, annual elections happen every 12 months, not 15 or 16 months. Is these even legal. Our Management company agrees with us but can not anything about it. Our by laws stipulates any homeowners can call for a an election meeting with 25% of quorum and need 50% of building percentage to go to elections, our building is still 50% owned by the sponsor creditors. What can we do?