A lot owners' association shall be incorporated no later than the date the first lot in the planned community is conveyed. The membership of the association at all times shall consist exclusively of all the lot owners or, following termination of the planned community, of all persons entitled to distributions of proceeds under G.S. 47F-2-118. Every association created after the effective date of this Chapter shall be organized as a nonprofit corporation.
N.C. Gen. Stat. § 47F-3-101
Organization of owners' association
Applied in 1 court decision — leading case 185 N.C. App. 76 - Reidy v. Whitehart Ass'n, Inc. (2007)
Most recently applied in 185 N.C. App. 76 - Reidy v. Whitehart Ass'n, Inc. (August 2007)
1998-199, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.