SB 1054 Summary

• Amends the 1897 Act governing summer resort and parks associations to update language from "shall" to "must" and modernize procedures.

• Increases personal property value limit for corporations from $200,000 to $6,000,000, adjusted annually for inflation using the Consumer Price Index.

• Allows stockholders to nominate immediate family members (spouse, child, stepchild, or child's spouse) to serve as board directors.

• Increases annual expenditure limit for board of directors from $1,000 to $30,000, adjusted for inflation using the Consumer Price Index.

• Increases special dues limit per share from $25 to $750 per year, adjusted for inflation using the Consumer Price Index.