N.J. DCA Landlord/Tenant Information Series — Mobile Home Park Leasehold Communities Law

Citation
N.J. DCA Landlord/Tenant Information Series — Mobile Home Park Leasehold Communities Law
Jurisdiction
New Jersey (state)
Source
Official source
Original Source
https://www.nj.gov/dca/codes/publications/pdf_lti/mobile_hm_pk.pdf ↗

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Full Text

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(6) The board of directors or trustees may, in any event, propose a budget to the
members of the association at a general membership meeting or in writing, and, if the budget or
proposed budget is approved by the members at the meeting, or by a majority of their whole
number in writing, that budget shall be adopted.

(7) Minutes of all meetings of members and of the board of directors or trustees shall be
kept in a businesslike manner and shall be available for inspection by members, or their
authorized representatives, and board members at reasonable times. The association shall retain
these minutes for a period of not less than seven years.

(8) The share or percentage of, and manner of sharing, expenses for each member shall
be stated.

(9) The manner of collecting from the members their shares of the expenses for the
maintenance of the private residential leasehold community property shall be stated.
Assessments shall be made against members not less frequently than quarterly, in amounts not
less than are required to provide funds in advance for payments of all of the anticipated current
operating expenses and for all of the unpaid operating expenses previously incurred.

(10) The method by which the bylaws may be amended consistent with the provisions of
this act shall be stated. If the bylaws fail to provide a method of amendment, the bylaws may be
amended if the amendment is approved by no less than two-thirds of the members. No bylaw
shall be revised or amended by reference to its title only.

(11) The officers and directors or trustees of the association have fiduciary relationship to
the members.