Guest Brad Posted February 18, 2012 at 09:55 PM Report Share Posted February 18, 2012 at 09:55 PM Our HOA Board President has had her condo on the market for several weeks and has not informed the Board (we found out through the grapevine and confirmed it with a realtor). It is my understanding that when an Officer puts their unit on the market, that they are to immediately resign their post, as it is a conflict of interest (if nothing else). Is this accurate? Our By-Laws don't provide guidance in this situation.Let's just say that if it's true...it will be an answer to prayer! Link to comment Share on other sites More sharing options...
Guest e Posted February 18, 2012 at 09:58 PM Report Share Posted February 18, 2012 at 09:58 PM Our By-Laws don't provide guidance in this situation.Neither does RONR.I'm afraid you'll have to direct your prayers elsewhere. Link to comment Share on other sites More sharing options...
Guest Edgar Posted February 18, 2012 at 10:00 PM Report Share Posted February 18, 2012 at 10:00 PM I'm afraid you'll have to direct your prayers elsewhere.I think e's right. Link to comment Share on other sites More sharing options...
David A Foulkes Posted February 18, 2012 at 10:02 PM Report Share Posted February 18, 2012 at 10:02 PM It is my understanding ..From where does your understanding come? Any requirement on this person's part to resign would come from your bylaws or other governing documents (being an HOA and all, I'll bet you have some others). Link to comment Share on other sites More sharing options...
Rev Ed Posted February 19, 2012 at 03:30 AM Report Share Posted February 19, 2012 at 03:30 AM Nothing in RONR requires an officer or director to resign simply because they have their 'share' of the organization up for sale (in this case their home.) RONR does not even require a member of the Board being a member of the organization. So, unless the By-laws state that a Board member must be an owner, the President can continue to serve on the Board. And personally, I don't see a conflict in this case. Link to comment Share on other sites More sharing options...
tctheatc Posted February 19, 2012 at 03:05 PM Report Share Posted February 19, 2012 at 03:05 PM And to belabor the point, what conflict of interest? Seems she'd benefit from high property values, as would you all. RONR addresses pecuniary interests not shared in common, but not condo sales. Link to comment Share on other sites More sharing options...
Trina Posted February 19, 2012 at 03:15 PM Report Share Posted February 19, 2012 at 03:15 PM Our HOA Board President has had her condo on the market for several weeks and has not informed the Board (we found out through the grapevine and confirmed it with a realtor). It is my understanding that when an Officer puts their unit on the market, that they are to immediately resign their post, as it is a conflict of interest (if nothing else). Is this accurate? Our By-Laws don't provide guidance in this situation.Let's just say that if it's true...it will be an answer to prayer!Even if there is truly a conflict of interest (and I see several posters have offered their personal opinions on this question), there is nothing in RONR that requires an officer with a conflict of interest to resign from her position.As others have stated, if you have such a rule, it must be found elsewhere. Link to comment Share on other sites More sharing options...
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