REFERENCE TITLE: condominium associations; technical correction.

State of Arizona

Senate

Fifty-sixth Legislature

Second Regular Session

2024

SB 1293

Introduced by

Senator Kavanagh

An Act

amending section 33-1241, Arizona Revised Statutes; relating to condominiums.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Section 33-1241, Arizona Revised Statutes, is amended to read:

START_STATUTE33-1241. Organization of unit owners' association

A unit owners' association shall be organized no later than the date the first unit in the condominium is initially conveyed. The membership of the association at all times shall consist exclusively of all the unit owners or, following termination of the condominium, of all former unit owners entitled to distributions of proceeds under section 33-1228, or their heirs, successors or assigns. The association shall be organized as a profit or nonprofit corporation or as an unincorporated association. END_STATUTE