33-1217. Allocation of common element
interests, votes and common expense liabilities
A. The declaration shall allocate a fraction or percentage of undivided interests
in the common elements and in the common expenses of the association, and a portion of
the votes in the association, to each unit and state the formulas used to establish those
allocations. Except as otherwise provided in this chapter, the allocations shall not
discriminate in favor of units owned by the declarant.
B. If units may be added to or withdrawn from the condominium, the declaration must
state the formulas to be used to reallocate the allocated interests among all units
included in the condominium after the addition or withdrawal.
C. The declaration may provide:
1. That different allocations of votes shall be made to the units on particular
matters specified in the declaration.
2. For cumulative voting only for the purpose of electing members of the board of
directors.
3. For class voting on specified issues affecting the class if necessary to protect
valid interests of the class.
D. Except for minor variations due to rounding, the sum of the undivided interests
in the common elements and common expense liabilities allocated at any time to all the
units must each equal one if stated as fractions or one hundred per cent if stated as
percentages. If a discrepancy exists between an allocated interest and the result
derived from application of the pertinent formula, the allocated interest prevails.
E. Except as otherwise permitted by the provisions of this chapter, the common
elements are not subject to partition, and any purported conveyance, encumbrance,
judicial sale or other voluntary or involuntary transfer of an undivided interest in the
common elements made without the unit to which that interest is allocated is void.
|