source:
  type: guide
  id: va-m26-7-ch16-t20
  authority: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 16, Topic 20 — Contains
    provisions for termination.
  description: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 16, Topic 20 — Contains
    provisions for termination..
  coverage_tier: operative
obligations:
- id: va-m26-7-ch16-t20-full
  canonical_id: va-m26-7-ch16-t20-full
  section: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 16, Topic 20 — Contains
    provisions for termination.
  type: do
  tags:
  - regulator-direct
  - va
  - va-handbook
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 16, Topic 20 — Contains
      provisions for termination.
    source_class: va-handbook
    source_url: https://www.benefits.va.gov/warms/pam26_7.asp
    snapshot_id: fa6bc474102677f3
    fetched_at: '2026-05-23T01:53:53Z'
    content_hash: sha256:94d5d69fd84d66a208d2f9f76ceac8b3879dde5fbf0e75e36e00ce879ee16f21
    paragraph_quote: '20. Contains provisions for termination. Continued on next page
      January 1, 2001 16-B-22 January 1, 2001 16-B-23 VA Pamphlet 26-7, Revised Section
      B: Use of Attorney’s Opinion Exhibit A: Other VA Requirements, Continued (B)
      Bylaws 1. Contains provisions for holding meetings of the board of directors,
      including the required quorum. 2. Contains quorum provisions for holding meetings
      of the members (including voting by proxy). If the association has, or is planned
      to have, 250 members or less, the quorum is at least 20 percent. If the association
      has, or is planned to have, more than 250 members but not 1,000 members, the
      quorum is at least 10 percent. If the association has, or is planned to have,
      more than 1,000 members, the quorum is at least 5 percent. The quorum is not
      a quorum of each class except when a vote of a particular class is required
      on a specific issue. 3. Contains provisions for holding a meeting. Membership
      meetings are required at least annually after there are members other than the
      declarant. Special meetings are required upon the written request of a percentage
      of the owners other than the declarant. Members can vote by proxy and may be
      allowed to vote by mail if permitted by state law. 4. Contains provisions granting
      the board of directors the various powers necessary to conduct the affairs of
      the association. 5. Contains provisions placing on the board of directors the
      duties necessary to fulfill the purposes of the association. 6. Contains provisions
      for electing, removing and replacing directors and officers (if not addressed
      in the articles of incorporation). 7. Contains provisions governing notices
      to members. Members are given advance notice of meetings of members (of no less
      than seven days unless for a special meeting to approve an extraordinary action
      or material amendment in which case at least 25 days notice is required). Continued
      on next page January 1, 2001 16-B-23 16-B-24 January 1, 2001 VA Pamphlet 26-7,
      Revised Section B: Use of Attorney’s Opinion Exhibit A: Other VA Requirements,
      Continued (B) Bylaws (continued) 8. Contains provisions regarding maintenance
      and availability of the association documents and the association records. The
      association is required to keep records of: (i) its governing documents (i.e.,
      association documents, rules and regulations and design standards); (ii) its
      actions (board resolutions, meeting minutes, etc.); and (iii) its financial
      condition (receipts and expenditures affecting the finances, operation and administration
      of the association, budget, financial statements, etc.) Notwithstanding the
      foregoing, the association is not required to maintain records in excess of
      three years; unless otherwise required under applicable law. The association
      documents and all books and records kept on behalf of the association are available
      for examination and copying by a member or such member''s authorized agent during
      normal business hours and upon reasonable notice to the association and for
      a reasonable charge, except for privileged or confidential information.'
  judgment: false
