§ 47F-3-101. Organization of owners' association.
Article3.
Management of PlannedCommunity.
§ 47F‑3‑101. Organization of owners' association.
A lot owners' associationshall be incorporated no later than the date the first lot in the plannedcommunity is conveyed. The membership of the association at all times shallconsist exclusively of all the lot owners or, following termination of theplanned community, of all persons entitled to distributions of proceeds underG.S. 47F‑2‑118. Every association created after the effective dateof this Chapter shall be organized as a nonprofit corporation. (1998‑199,s. 1.)