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December 2014 Archives

Can Board Members be Paid?

Yes board members can be paid, but it would be highly unusual in a homeowners association setting. Section 715(d) of New York's Not-for-Profit Corporate Law (the "Statute") provides "unless otherwise provided in the certificate of incorporation or the by-laws, the board shall have authority to fix the compensation of directors for services in any capacity." However, most of the association by-laws which we have reviewed provide that directors and officers of the association shall serve without compensation.

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