The condominium was formed under the Unit Onership Act, Chapter 47A of the North Carolina general statutes and designated in the declaration to be operated by The Oaks Owners Association created under the North Carolina Nonprofit Corporation Act, Chapter 55A of the North Carolina general statues.
Session Law 2022-12, Senate Bill 278 signed by the Govenor on June 29, 2022 changed Chapter 47A to make some portions of the North Carolina Condominium Act, Chapter 47C applicable to condominiums formed under the Unit Ownership Act. (The applicable portions are found on the page at this link.)
Rules are created and maintained by the Board of Directors of The Oaks Owners Association by majority vote as part of their prescribed duties.
Elected during the annual meeting of The Oaks Owners Association by the unit owners, board members volunteer their time to manage The Oaks Condominium. Day to day management was delegated by the Board of Directors to a professional management company with expertise in condominium operations.
The board holds regular meetings which are announced to the owners and open for the owners to speak as is prescribed under the law.
The bylaws of The Oaks Owners Association state the annual meeting of the association is scheduled for the fourth Tuesday of February at 7:00 PM at the clubhouse; however, the bylaws also allow the board to move the meeting, and that happens from time to time such as when a Carolina/Duke game falls on that night. Note that meetings of the association requiring a quorum are adjourned for 24 hours if at least 50% of ownership is not present in person or through a proxy. When reconvened any number of owners in attendance constitutes a quorum.
Each year the board sets the dues to be paid by the owner of each unit with the amount collect from each owner based on their share of the proposed budget determined by their proportional ownership of the common area as stated in the declaration, .79% for two bedroom units and 2653/3100% (.8558%) for three bedroom units. A budget ratification meeting for the proposed budget happens each year as required by North Carolina law. (The budget is deemed ratified unless at least 50% of ownership objects.)