Positano

Key facts from Positano's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Positano Condominium Association, Inc.

Developer / declarant

NAP Las Colinas, L.P., an Ohio limited partnership (First Amendment, Recitals)

Governing law

Texas Uniform Condominium Act (Texas Property Code Chapter 82) and Texas Nonprofit Corporation Law (Certificate of Formation Art. IV(a)-(b);)

Assessments & dues

Board of Directors determines Common Expenses, establishes Monthly Assessments, and may levy Special Assessments as needed; budget distributed to Members at least 30 days before fiscal year (Bylaws Art. VII, Sec. 7.15(a)(ii)-(iii),)

Special assessments

Board may levy Special Assessments for increased costs, capital expenses, or emergencies, subject to limitations in Declaration (Bylaws Art. VII, Sec. 7.15(a)(iii) (2016)

Collections & liens

Association may collect delinquent Assessments against any Unit and its Owner by suit or otherwise (Bylaws Art. VII, Sec. 7.15(a)(viii) (201)

Reserves & fees

Reserve Fund maintained out of Monthly Assessments for replacement of Common Elements that require periodic replacement, renovation, or rehabilitation; reasonable amounts to be accumulated (Bylaws Art. VII, Sec. 7.17; Sec. 7.15(a))

Use restrictions

Not explicitly stated in these documents (likely in the Declaration) (Not mentioned)

Voting & meetings

Each Member entitled to votes as set forth in Declaration; no cumulative voting; only Members in Good Standing may vote; Good Standing requires all assessments paid at least 10 days before vote, no notice of unpaid assessments filed, and al (Certificate of Formation Art. V; Bylaws )

Amendments

Bylaws may be amended by 67% vote of Members voting at a meeting called for that purpose, with notice of the meeting and proposed amendment given not less than 10 nor more than 20 days before the meeting (Bylaws Art. XII, Sec. 12.2 (2016 version)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.