Under the IL Condo Act, all condominium associations are governed by a board or directors consisting of, at minimum, 3 owners serving in the roles of President, Secretary and Treasurer. All condo associations are also required to hold an annual meeting of the owners where one or more of these roles may open for election.

Board members have the right to make decisions on behalf of the association, but they also have the responsibility to act in the best interests of the entire association. This is known as "fiduciary duty" and requires that board members put aside their own personal interests to do what is right for the association. Failure to uphold your responsibility as a board member can lead to individual legal liability.

Because the board carries such great power and responsibility, your association may want to consider adopting a board Code of Ethics. If conflicts arise, having a Code of Ethics in place can reduce the chance of a possible problem. A Code of Ethics can help guide board members to maintain high ethical standards and serve their community responsibly.

An appropriate Code of Ethics includes the following:

  • Strive at all times to serve the best interests of the association as a whole regardless of their personal interests.
  • Use sound judgment to make the best possible business decisions for the association, taking into consideration all available information, circumstances and resources.
  • Act within the boundaries of their authority as defined by law and the governing documents of the association

Board members can find a SAMPLE Code of Ethics document here.

Read more about a Code of Ethics for board members here.

 

 

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