§36B-3-101. Organization of unit owners' association.
A unit owners' association must be organized no later than
the date the first unit in the common interest community is
conveyed. The membership of the association at all times
consists exclusively of all unit owners or, following termination
of the common interest community, of all former unit owners
entitled to distributions of proceeds under section 2-118 or
their heirs, successors, or assigns. The association must be
organized as a profit or nonprofit corporation, trust,
partnership, or as an unincorporated association.