Q: Our Treasurer has done an admirable job, but she is not a Director and was not elected by the owners. Is this a problem?
A.T., Naples
A: No, this is most likely not a problem. The answer to this question requires a review of your specific community documents. This issue is generally addressed in the Bylaws, and most documents require the President to be a Director, but many documents allow the Board to elect officers that are not Directors. For example, you may have a very accomplished CPA in your community that wants to volunteer with respect to the budget and finances but does not have the time to commit to the other Board duties. In this situation, the Board could elect the Treasurer, but the Treasurer does not need to be a Director.
Again, this is document specific and your community documents may very well require all Officers to also be Directors.
John C. Goede Esq. is co-founder and shareholder of the Law firm Goede, DeBoest & Cross, PLLC. T o ask questions about your issues for future columns, send your inquiry to: question@gadclaw.com. The information provided herein is for informational purposes only and should not be construed as legal advice. The publication of this article does not create an attorney-client relationship between the reader and Goede, DeBoest & Cross, PLLC or any of our attorneys. Readers should not act or refrain from acting based upon the information contained in this article without first contacting an attorney, if you have questions about any of the issues raised herein. The hiring of an attorney is a decision that should not be based solely on advertisements or this column.