Section 11-109.3 - Court appointment of receiver.

§ 11-109.3. Court appointment of receiver.
 

(a)  Receiver appointed if quorum fails.- If the council of unit owners fails to fill vacancies on the board of directors sufficient to constitute a quorum in accordance with the bylaws, three or more unit owners may petition the circuit court for the county where the condominium is located to appoint a receiver to manage the affairs of the council of unit owners. 

(b)  Notice required.-  

(1) At least 30 days before petitioning the circuit court, the unit owners acting under the authority granted by subsection (a) of this section shall mail to the council of unit owners a notice describing the petition and the proposed action. 

(2) The unit owners shall post a copy of the notice in a conspicuous place on the condominium property. 

(c)  No quorum within notice period.- If the council of unit owners fails to fill vacancies sufficient to constitute a quorum within the notice period, the unit owners may proceed with the petition. 

(d)  Limitations on receiver.- A receiver appointed by a court under this section may not reside in or own a unit in the condominium governed by the council of unit owners. 

(e)  Powers and duties of receiver; length of service.-  

(1) A receiver appointed under this section shall have all powers and duties of a duly constituted board of directors. 

(2) The receiver shall serve until the council of unit owners fills vacancies on the board of directors sufficient to constitute a quorum. 

(f)  Common expenses.- The salary of the receiver, court costs, and reasonable attorney's fees are common expenses. 
 

[2007, ch. 321.]