§ 47C-3-101. Organization of unit owners' association. - North Carolina Statutes

Article 3.

Management of theCondominium.

§ 47C‑3‑101. Organization of unit owners' association.

A unit owners' associationshall be organized no later than the date the first unit in the condominium isconveyed. The membership of the association at all times shall consistexclusively of all the unit owners, or following termination of thecondominium, of all persons entitled to distributions of proceeds under G.S.47C‑2‑118. The association shall be organized as a profit ornonprofit corporation or as an unincorporated nonprofit association. (1985 (Reg. Sess., 1986), c.877, s. 1; 2006‑226, s. 4.)