Review Illinois condo laws:
http://www.barnettlawfirmltd.com/lawtext/ILLINOIS CONDOMINIUM PROPERTY ACT.pdf
(765 ILCS 605/18.2)
Sec. 18.2. Administration of
property prior to election of initial
board of managers.
(a) Until election of the initial board of
managers that is comprised of a majority of
unit owners other than the developer (first
unit owner board of managers), the same
rights, titles, powers, privileges, trusts, duties
and obligations vested in or imposed upon
the board of managers by this Act and in the
declaration and bylaws shall be held and
performed by the developer.
(b) (i) The election of the first unit owner
board of managers shall be held not later
than 60 days after the conveyance by the
developer of 75% of the units, or 3 years after
the recording of the declaration, whichever is
earlier. The developer shall give at least 21
days notice of such meeting to elect the first
unit owner board of managers and shall
provide to any unit owner within 3 working
days of the request, the names, addresses,
and weighted vote of each unit owner entitled
to vote at such meeting. Any unit owner shall
be provided with the same information within
10 days of receipt of the request, with respect
to each subsequent meeting to elect
members of the Board of Managers.
(ii) In the event the developer does
not call a meeting for the purpose of election
of the board of managers within the time
provided in this subsection (b), unit owners
holding 20% of the interest in the association
may call a meeting by filing a petition for
such meeting with the developer, after which
said unit owners shall have authority to send
notice of said meeting to the unit owners and
to hold such meeting.
(c) If the first unit board of managers is not
elected at the time so established, the
developer shall continue in office for a period
of 30 days whereupon written notice of his
resignation shall be sent to all of the unit
owners entitled to vote at such election.
(d) Within 60 days following the election of
the first unit owner board of managers, the
developer shall deliver to the board of
managers:
(1) All original documents as
recorded or filed pertaining to the property,
its administration, and the association, such
as the declaration, by-laws, articles of
incorporation, other condominium
instruments, annual reports, minutes and
rules and regulations, contracts, leases, or
other agreements entered into by the
Association. If any original documents are
unavailable, a copy may be provided if
certified by affidavit of the developer, or an
officer or agent of the developer, as being a
complete copy of the actual document
recorded as filed.
(2) A detailed accounting by the
developer, setting forth the source and nature
of receipts and expenditures in connection
with the management, maintenance and
operation of the property and copies of all
insurance policies and a list of any loans or
advances to the association which are
outstanding.
(3) Association funds, which shall
have been at all times segregated from any
other moneys of the developer.
(4) A schedule of all real or personal
property, equipment and fixtures belonging to
the association, including documents
transferring the property, warranties, if any,
for all real and personal property and
equipment, deeds, title insurance policies,
and all tax bills.
(5) A list of all litigation,
administrative action and arbitrations
involving the association, any notices of
governmental bodies involving actions taken
or which may be taken concerning the
association, engineering and architectural
drawings and specifications as approved by
any governmental authority, all other
documents filed with any other governmental
authority, all governmental certificates,
correspondence involving enforcement of any
association requirements, copies of any
documents relating to disputes involving unit
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owners, originals of all documents relating to
everything listed in this subparagraph.
(e) Upon election of the first unit owner board
of managers, any contract, lease, or other
agreement made prior to the date of election
of the first unit owner board by or on behalf of
unit owners, individually or collectively, the
unit owners' association, the board of
managers, or the developer or its affiliates
which extends for a period of more than 2
years from the date of the election, shall be
subject to cancellation by a majority of the
votes of the unit owners other than the
developer cast at a special meeting of
members called for that purpose during the
180 day period beginning on the date of the
election of the first unit owner board. At least
60 days prior to the expiration of the 180 day
cancellation period, the board of managers
shall send notice to every unit owner,
notifying them of this provision, what
contracts, leases and other agreements are
affected, and the procedure for calling a
meeting of the unit owners for the purpose of
voting on termination of such contracts,
leases or other agreements. During the 180
day cancellation period the other party to the
contract, lease, or other agreement shall also
have the right of cancellation. The
cancellation shall be effective 30 days after
mailing notice by certified mail, return receipt
requested, to the last known address of the
other parties to the contract, lease, or other
agreement.
(f) The statute of limitations for any actions in
law or equity which the condominium
association may bring shall not begin to run
until the unit owners have elected a majority
of the members of the board of managers.
(g) If the developer fails to fully comply with
subsection (d) within the 60 days provided
and fails to fully comply within 10 days of
written demand mailed by registered or
certified mail to his or her last known
address, the board may bring an action to
compel compliance with subsection (d). If the
court finds that any of the required deliveries
were not made within the required period, the
board shall be entitled to recover its
reasonable attorneys' fees and costs incurred
from and after the date of expiration of the 10
day demand.
(Source: P.A. 91-616, eff. 8-19-99.)
