Fiduciary Duty of a Board of Directors
Board members of a condominium or homeowner’s association have fiduciary duty to act in a way that will benefit all members of the association. The Hawaii Department of Commerce and Consumer Affairs has a document available to associations, “Condominium property Regimes: Owner Rights and Responsibilities.” Following is an excerpt of the document, which is a good starting point for association boards and their members to understand their responsibilities under the law. Board of Directors The as [...]
