Question:
Is my HOA requiring hold regular meeting and can I request the financial of the HOA to see where the money is spent and is there a regulation for it
– Demarcus
Answer:
Hi Demarcus,
HOAs subject to the Louisiana Business Corporation Act must follow Section 1-701(A), which states that unless directors are elected by written consent in lieu of an annual meeting, a corporation shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws or, if not so stated or fixed, as stated or fixed in accordance with a resolution of the board of directors.
As for inspection, Section 1-1602(C) states shareholders of the corporation may inspect the records of the association if they own a specific percentage of shares.
However, it’s worth noting that homeowners may or may not be traditionally considered shareholders, so these may or may not apply. It’s best to consult a lawyer for further clarification. However, if the governing documents state that homeowners must be allowed to inspect the community’s financial records or if the board must conduct an annual meeting or board meetings at a certain frequency, then the HOA must comply. Kindly review the governing documents to see whether there are provisions like these.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
