The tasks and powers of the board have been assigned by law and the articles of association:
- The board may not enter into an agreement in excess of a value of ten thousand guilders (NAFl. 10,000.–)at the expense of the association. Advance consent from the GMM will at all times be required for an amount in excess of ten thousand guilders.
The board of the HOA LOR has the following tasks, pursuant to the law and the articles of association:
- Managing the assets of the HOA. The assets will be understood to be the money intended for maintenance of the common facilities.
- Keeping records of the financial position and the work activities of the HOA LOR. This means that all relevant documentation and financial records must be in order in such manner that the rights and obligations of the HOA LOR may be known at all times and be available for inspection.
- Annual report
Within eight (8) months after the end of a financial year, except for in case of an extension of this term by the GGM, the board will submit an annual report about the developments in the HOA and the policy conducted.
- Annual accounts: balance sheet – statement of income and expenditure (operations statement)
The board must have an annual account drawn up, consisting a balance sheet and a statement of income and expenditure, along with relevant explanatory notes. Please note: the GMM will appoint an audit committee, which committee will audit the records and report to the GMM. The board will be under the obligation to provide the audit committee with all information it requests in this regard.
- Submitting the annual report and annual accounts to and during the GMM (once per year)
- The board will be under the obligation to keep custody of the financial records of the legal entity for ten (10) years.
- Convening a GMM
At least once (1 time) every year, the board will convene a GMM, which will be no later than in the month of August of the current year. For the requirements, please refer to the overview under 2.2.
The board of the HOA LOR has the following authorizations, pursuant to the law and the articles of association:
- The board may enforce access of a board member (or a person appointed by a board member) to parts of the property of the owners of apartments. This will only be permitted if the performance of the tasks of the board so dictates.
- The board may terminate the membership of a member (in writing) if the member no longer complies with the criteria that apply for membership or if the board may no longer be expected to continue the membership. Also divestiture of a member from certain rights will be effected – in writing – by the board, but this will only be possible if a member acts in breach of the articles of association, regulations and/or resolutions by the GMM or prejudices the HOA LOR.
- Convening members to attend a GMM. For the requirements, please refer to the overview under 2.2.
- The board may deny a member access to and use of the common facilities if a member fails to comply with the obligation to pay the obligatory membership fee for more than 3 months.