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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
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-eighth Legislature Second Regular Session - 2006IN 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 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