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If our condo board which oversees a small 7 unit building has voted to approve a loan for necessary repairs on the building, is it necessary to get the written approval of all of the unit owners as well? One of the board members is now refusing to sign the closing documents on the loan which has taken over a year to secure and the processing fees have already been paid.
Join the Conversation Comments (2)Another point of information is that many condo bylaws require that for projects that are greater in value than "X", the Unit Owners need to approve that project (and expense).
Can a board of directors operate legally with only 5 members and make decisions that the rest of the members don't approve?
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Is this loan secured by something - if so, what? Or is it unsecured?
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