§ 34-36.1-2.07 Allocation of common element interest, votes, and common expense liabilities.
(a) The declaration shall allocate a fraction or percentage of undivided interests in the common elements and in the common expenses of the association, and a portion of the votes in the association, to each unit including land only units and state the formulas used to establish those allocations. Those allocations may not discriminate in favor of units owned by the declarant, but may discriminate in favor of units subject to a housing restriction as set forth in § 34-39.1-3. Except as set forth in § 34-36.1-1.03(7), no minimum percentage interest in the common elements is otherwise required.
(b) If units may be added to or withdrawn from the condominium, the declaration must state the formulas to be used to reallocate the allocated interests among all units included in the condominium after the addition or withdrawal.
(c) The declaration may provide: (i) That different allocations of votes shall be made to the units on particular matters specified in the declaration; (ii) For cumulative voting only for the purpose of electing members of the executive board; and (iii) For the class voting on specified issues affecting the class if necessary to protect valid interests of the class. A declarant may not utilize cumulative or class voting for the purpose of evading any limitation imposed on declarants by this chapter, nor may units constitute a class because they are owned by a declarant.
(d) Except for minor variations due to rounding, the sum of the undivided interests in the common elements and common expense liabilities allocated at any time to all the units must each equal one if stated as fractions or one hundred percent (100%) if stated as percentages. In the event of discrepancy between an allocated interest and the results derived from application of the pertinent formula, the allocated interest prevails.
(e) The common elements are not subject to partition, and any purported conveyance, encumbrance, judicial sale, or other voluntary or involuntary transfer of an undivided interest in the common elements made without the unit to which that interest is allocated, is void.
(f) Subject to the provisions of the declaration and other provisions of law, and except as provided in § 34-36.1-2.12 which provides for the relocation of boundaries between adjoining units, the owners of any two (2) or more units may apply for a reallocation of their respective allocated interests to the executive board; but their application shall not attempt to alter common element interests except as they relate to the proposed reallocation of unit interests. Unless the executive board determines within thirty (30) days, that the reallocations are unreasonable, the association shall prepare an amendment that identifies the units involved, states the reallocations, is executed by those unit owners, contains words of conveyance between them, and upon recordation, is indexed in the name of the grantor and the grantee.
(P.L. 1982, ch. 329, § 2; P.L. 1983, ch. 202, § 1; P.L. 1991, ch. 369, § 2; P.L. 2006, ch. 368, § 3; P.L. 2006, ch. 464, § 3.)