N.J.S.A. 46:8B-12.1
Under the New Jersey Condominium Act, phases unit-owner representation on the association's governing board as the developer's hold on the project diminishes: owners other than the developer may elect not less than 25% of the board once they own 25% or more of the units, not less than 40% upon conveyance of 50% of the units, and all board members upon conveyance of 75% of the units. Within 30 days after owners become entitled to elect board members, the association must call a meeting (on 20 to 30 days' notice) to hold the election. Not more than 60 days after owners elect a majority of the board, the developer must relinquish control and simultaneously deliver all association property, including the master deed, bylaws, minute books and records, an accounting and the association funds, tangible personal property, insurance policies, certificates of occupancy and permits, written warranties, a roster of unit owners, and all leases, employment, management, maintenance, service, and other contracts to which the association is a party.
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