RS 9:1141.19: Organization of lot owners association

A lot owners association shall be organized as a nonprofit corporation authorized to do business in Louisiana and shall have the authority to impose assessments on its members. The membership of the association at all times consists exclusively of all lot owners or, following termination of the planned community, of all former lot owners entitled to distributions of proceeds in accordance with R.S. 9:1141.15 or their heirs, successors, or assigns. The association shall have a board of directors. The association shall be formed prior to filing the declaration for registry.