2006 Legislation
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HOUSE BILL NO. 642 – Homeowner assn capital reserve fund

HOUSE BILL NO. 642

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Bill Status



H0642...........................................................by BUSINESS
HOMEOWNER'S ASSOCIATION - Amends existing law to provide that if a
nonprofit corporation is a homeowner's association, it may establish a
homeowner's association capital reserve fund to deposit assessments
collected from homeowners for payment for long-term capital projects.
                                                                        
02/10    House intro - 1st rdg - to printing
02/13    Rpt prt - to Bus

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                   Second Regular Session - 2006
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 642
                                                                        
                                   BY BUSINESS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO NONPROFIT CORPORATIONS; AMENDING SECTION 30-3-24, IDAHO  CODE,  TO
  3        PROVIDE  THAT  IF  THE  CORPORATION  IS  A HOMEOWNER'S ASSOCIATION, IT MAY
  4        ESTABLISH A  HOMEOWNER'S  ASSOCIATION  CAPITAL  RESERVE  FUND  TO  DEPOSIT
  5        ASSESSMENTS  COLLECTED  FROM  HOMEOWNERS FOR PAYMENT FOR LONG-TERM CAPITAL
  6        PROJECTS.
                                                                        
  7    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  8        SECTION 1.  That Section 30-3-24, Idaho Code, be, and the same  is  hereby
  9    amended to read as follows:
                                                                        
 10        30-3-24.  GENERAL  POWERS.  Unless  its  articles of incorporation provide
 11    otherwise, every corporation has perpetual duration and succession in its cor-
 12    porate name and has the same powers as an individual to do all  things  neces-
 13    sary  or  convenient  to  carry out its affairs including, without limitation,
 14    power:
 15        (1)  To sue and be sued, complain and defend in its corporate name;
 16        (2)  To have a corporate seal, which may be altered at will,  and  to  use
 17    it,  or  a  facsimile  of it, by impressing or affixing or in any other manner
 18    reproducing it;
 19        (3)  To make and amend bylaws not inconsistent with its articles of incor-
 20    poration or with the laws of this  state,  for  regulating  and  managing  the
 21    affairs of the corporation;
 22        (4)  To  purchase,  receive,  lease  or  otherwise acquire, and own, hold,
 23    improve, use and otherwise deal with, real property, including water and water
 24    rights, and personal property, or any legal or equitable interest in property,
 25    wherever located;
 26        (5)  To sell, convey, mortgage, pledge, lease, exchange and otherwise dis-
 27    pose of all or any part of its property;
 28        (6)  To purchase, receive, subscribe for or otherwise acquire, own,  hold,
 29    vote,  use, sell, mortgage, lend, pledge, or otherwise dispose of, and deal in
 30    and with, shares or other interests in or obligations of any entity;
 31        (7)  To make contracts and guaranties, incur  liabilities,  borrow  money,
 32    issue notes, bonds and other obligations, and secure any of its obligations by
 33    mortgage or pledge of any of its property, franchises, or income;
 34        (8)  To  lend  money,  invest and reinvest its funds, and receive and hold
 35    real and personal property as security for repayment,  except  as  limited  by
 36    section 30-3-82, Idaho Code;
 37        (9)  To  be a promoter, partner, member, associate or manager of any part-
 38    nership, joint venture, trust or other entity;
 39        (10) To conduct its activities, locate offices  and  exercise  the  powers
 40    granted by this act within or without this state;
 41        (11) To  elect or appoint directors, officers, employees and agents of the
 42    corporation, define their duties and fix their compensation;
 43        (12) To pay pensions and establish pension plans, pension trusts and other
                                                                        
                                           2
                                                                        
  1    benefit and incentive plans for any or all of its current or former directors,
  2    officers, employees and agents;
  3        (13) To make donations not inconsistent with law for the public welfare or
  4    for charitable, religious, scientific or educational purposes  and  for  other
  5    purposes that further the corporate interest;
  6        (14) To  impose  dues,  assessments,  admission and transfer fees upon its
  7    members,  and to levy assessments upon the outstanding shares of stock,  of  a
  8    corporation with capital stock, if authorized by the articles of incorporation
  9    of that corporation;
 10        (15) To  establish  conditions for admission of members, admit members and
 11    issue memberships;
 12        (16) To carry on a business;
 13        (17) If the corporation is  a  homeowner's  association,  to  establish  a
 14    homeowner's  association capital reserve fund to deposit assessments collected
 15    from homeowners for payment for long-term capital projects;
 16        (18) To do all things necessary or convenient, not inconsistent with  law,
 17    to further the activities and affairs of the corporation.

Statement of Purpose / Fiscal Impact


                      STATEMENT OF PURPOSE
                                
                            RS 15505
                                
This legislation amends Idaho Code to provide for corporations
that are homeowner s associations to establish a homeowner s
association capital reserve fund to deposit assessments collected
from homeowners for payment for long-term capital projects.




                          FISCAL NOTE
                                
There is no cost incurred.








Contact
Name:  Representative Wendy Jaquet
Phone: 332 1130
      


STATEMENT OF PURPOSE/FISCAL NOTE                                 H 642