CONDOS-BYLAWS

Amends the Condominium Property Act. Provides that the bylaws shall include a requirement that unit owners selected to the board of managers shall reside on the property. Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Amends the Condominium Property Act. Provides that a declaration first submitting property to the provisions of the Act, in accordance with specified provisions after the effective date of the amendatory Act, or an amendment to the condominium instruments adopted in accordance with specified provisions after the effective date of the amendatory Act, may provide that a majority of the board of managers, or a lesser number specified in the declaration, must be comprised of unit owners occupying their unit as their primary residence; provided that the condominium instruments may not require that more than a majority of the board shall be comprised of unit owners who occupy their unit as their principal residence.