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1 New Paragraph; Condominiums; Powers of Unit Owners' Association. Amend RSA 356-B:42 by inserting after paragraph III the following new paragraph:
IV. If any unit owner or business where a unit owner is the owner or director of a business or has a pecuniary interest in a business, bids or contracts for property management, maintenance, or improvements with their unit owners' association, the unit owner shall recuse himself or herself from any participation in or vote on the awarding of the contract. The unit owners' association shall disclose to its unit owners the relationship of any unit owner or business where a unit owner is the owner or director of a business or has a pecuniary interest in a business with the contract for property management, maintenance, or improvements. This paragraph shall not apply to a unit owners' association in which owners own time sharing interests.
2 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 New Paragraph; Condominiums; Powers of Unit Owners' Association. Amend RSA 356-B:42 by inserting after paragraph III the following new paragraph:
IV. If any unit owner or business where a unit owner is the owner or director of a business or has a pecuniary interest in a business, bids or contracts for property management, maintenance, or improvements with their unit owners' association, the unit owner shall recuse himself or herself from any participation in or vote on the awarding of the contract. The unit owners' association shall disclose to its unit owners the relationship of any unit owner or business where a unit owner is the owner or director of a business or has a pecuniary interest in a business with the contract for property management, maintenance, or improvements. This paragraph shall not apply to a unit owners' association in which owners own time sharing interests.
2 Effective Date. This act shall take effect 60 days after its passage.