before the board this week. Do you agree that he has a conflict of interest and should step down? He also voted himself onto the board by canvassing door to door and collecting the majority of proxies prior to our annual meeting. In our estimation, his control of our neighborhood is decreasing property values due to the high number of rentals.
If your HOA is a nonprofit corporation (as most are), your HOA and your board of directors are governed by the N.C. Non-Profit Corporations Act. This act holds directors to the following standards: “A director shall discharge his duties as a director, including his duties as a member of a committee: (1) In good faith; (2) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and (3) In a manner the director reasonably believes to be in the best interests of the corporation.” The section of the act that addresses director conflicts of interest pertains primarily to “transactions” with the corporation in which a director has a direct or indirect interest….(Read whole news on source site)“Ask The Experts” Articles have been Reprinted with permission from the Charlotte Observer
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