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Joy
Joy, Arbitrator
Category: Real Estate Law
Satisfied Customers: 369
Experience:  Expert
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Can a condo association loan their own funds to themselves

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Can a condo association loan their own funds to themselves to help pay for a building project?
JA: What steps have they taken so far? Have they prepared or filed any paperwork?
Customer: No we have not. Is it even allowed?
JA: Where is the condo located?
Customer: The association is in Florida.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No

Hello! I am happy to be of service. It is possible to do this, but you have to review the by-laws and/or articles of incorporation and determine if it will be allowed. The board may be required to allow association members to have an opportunity to be heard and decide if they will agree to this. This notice and meeting should also be done according to your by-laws and/or articles of incorporation.

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