IL HB2931

Board of managers gains discretion to address budget surpluses by transferring funds to capital or operating reserves or applying to other common expenses, and to address deficits by incorporating them into the following year's budget, notwithstanding contrary condominium instrument provisions.

"Combination of any units" is defined as 2 or more residential units used as a single unit, which may include exclusive use of adjacent common element portions within the building.

Exclusive right to use limited common elements not necessary or practical for other unit owners does not constitute a diminution of ownership interests requiring unanimous consent or specified percentages under existing Act provisions.

Amendment approving unit combination is effective upon board majority approval and compliance with amendment recording and execution requirements, without requiring higher approval thresholds set forth elsewhere in the Act or condominium instruments.