§421J-4  Proxies.  (a)  A proxy shall be
in writing and shall be valid for only a specified meeting of the association
and any adjournments of that meeting.



(b)  A member of the association may give a
proxy to any person or the board of directors as an entity, and the proxy may
be limited as indicated by the member.  No proxy shall be irrevocable unless:



(1)  The proxy is coupled with a financial interest in
the unit; or



(2)  The proxy is held pursuant to a first mortgage of
record encumbering a unit or an agreement of sale affecting a unit.



(c)  To be valid, a proxy shall:



(1)  Be delivered to the secretary of the association
or the managing agent, if any, no later than 4:30 p.m. on the second business
day prior to the date of the meeting to which it pertains;



(2)  Contain at least the name of the association, the
date of the meeting of the association, the printed name and signature of the
person or persons giving the proxy, the unit or units for which the proxy is
given, and the date that the proxy is given; and



(3)  Contain boxes wherein the owner has indicated
that the proxy is given:



(A)  For quorum purposes only;



(B)  To the individual whose name is printed on
a line next to this box;



(C)  To the board of directors as a whole and
that the vote be made on the basis of the preference of the majority of the
board; or



(D)  To those directors present at the meeting
and the vote to be shared with each board member receiving an equal percentage.



(d)  Any board of directors that uses
association funds to distribute proxies that include the election of directors
shall first post notice of its intent to distribute proxies in prominent
locations within the project at least thirty days prior to its distribution of
proxies; provided that if the board receives within seven days of the posted
notice a request by any owner for nomination to the board accompanied by a
statement, the board shall mail to all owners either:



(1)  A proxy form containing the names of all owners
who have requested nomination to the board accompanied by their statements; or



(2)  A proxy form containing no names, but accompanied
by a list of names of all owners who have requested nomination to the board and
their statements.



The statement shall not exceed one hundred
words, indicating the owner's qualifications to serve on the board and reasons
for wanting to receive proxies.



(e)  Nothing in this section shall affect the
holder of any proxy under a first mortgage of record encumbering an apartment
or under an agreement of sale affecting an apartment.



(f)  Nothing in this section shall prohibit the
use of proxies for filling vacancies that occur after the notice of the annual
meeting has been distributed. [L 1997, c 132, pt of §1; am L 2001, c
191, §1]