Search results
Results from the WOW.Com Content Network
The former treasurer of a Homer Glen homeowners association, also a former Home Glen District 33C Board member, was charged last month for allegedly writing checks to herself, according to court ...
Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
HOA board members will be required to complete a state-approved educational course covering financial literacy and transparency, fines, recordkeeping and meeting notices. Directors of HOAs with ...
The HOA’s efforts to stonewall the investigation are still continuing — recently, the board filed a federal lawsuit against the State Attorney’s Office to block enforcement of subpoenas ...
The HOA board said that insurance companies would no longer insure the complex in a few years if it didn’t have the necessary reserves to pay for new roofs. Read more: ...
Boards of directors have a fiduciary duty to the property owners; violation of that duty may result in liability for individual directors, and as such the HOA will often adopt an ethics code for the board members to ensure they act ethically and in accordance with their responsibilities. [23]
The business judgment rule is a case-law-derived doctrine in corporations law that courts defer to the business judgment of corporate executives. It is rooted in the principle that the "directors of a corporation ... are clothed with [the] presumption, which the law accords to them, of being [motivated] in their conduct by a bona fides regard for the interests of the corporation whose affairs ...
Last year, HOA board members faced charges of racketeering, money laundering, fabricating evidence and using shell companies. Monthly maintenance fees had been jacked up 400% without any real ...