Every declaration recorded pursuant to the Illinois Condominium Property Act after the effective date hereof shall provide that when seventy five percent (75%) of the condominium units are sold or no later than three (3) years after the closing on the sale of the first unit, the control over the condominium project shall be transferred to the board of managers.
(Ord. 1432, 1-13-1981)
Statutory reference:
765 ILCS 605/1 et seq.