2007 Minnesota Statutes

515B.3-101 ORGANIZATION OF UNIT OWNERS' ASSOCIATION.
A common interest community shall be administered by an association. The association shall
be incorporated no later than the date the common interest community is created. The membership
of the association at all times consists exclusively of all unit owners or, following termination of
the common interest community, of all former unit owners entitled to distributions of proceeds
under section 515B.2-119 or their heirs, successors, or assigns. The association shall be organized
as a Minnesota profit or nonprofit corporation, or may, in the case of a cooperative, be organized
under chapter 308A. In the event of a conflict between this chapter and any other chapter under
which the association is incorporated, this chapter shall control.
History: 1993 c 222 art 3 s 1; 2005 c 121 s 21