What is the Board of Directors?
With few exceptions, states require corporations to have a board of directors – individuals who are charged with managing the business and affairs of the corporation. A corporation’s board of directors is elected by the shareholders and meets regularly to collectively make decisions concerning policy, personnel, compensation, dividends, and other issues that determine how the business is run. The officers of the corporation manage the day to day operations of the business as directed by the board of directors.
The Homeowner’s Association again is a corporation and therefore a governing body that is required to oversee its business. The Board of Directors is currently composed of three Developer members and two resident members. The resident members are elected by the homeowners at the Association’s Annual Meeting. The limitation and restrictions of the powers of the Board of Directors is outlined in the Association governing documents found within the Resource Center page of this site.
