515A.3-101 ORGANIZATION OF UNIT OWNERS' ASSOCIATION.
A unit owners' association shall be organized no later than the date the condominium is
created. The membership of the association at all times shall consist exclusively of all the unit
owners or, following termination of the condominium, of all former unit owners entitled to
distributions of proceeds under section
515A.2-120, or their heirs, successors, or assigns. The
association shall be organized as a profit or nonprofit corporation.
History: 1980 c 582 art 3 s 515.3-101