ctbt, ... In the Virgin Islands, it seems the Bylaws are King. Not many other restrictions.
Virgin Islands Code, Title Thirteen (Corporations), Chapter 3 (Non-Profit Corporations), Sec. 495:
"§ 495. Bylaws; adoption; contents
Before transacting any business or acquiring any property the persons constituting the membership of the corporation shall meet and adopt bylaws. The vote of a majority of all the members in good standing of the corporation shall be necessary to the adoption of such bylaws and when adopted the same shall be written in a book kept by the corporation, to be duly signed by all persons thereafter becoming members of said corporation so formed under this chapter. The corporation may by its bylaws provide for the time, place and manner of calling and conducting its meetings; the number of directors, managers or trustees, the time of their election, their term of office and the mode and manner of their removal; the mode and manner of filling vacancies on the board of directors, managers or trustees caused by death, resignation, removal or otherwise; the power and authority of the directors, managers or trustees; the compensation of the directors, managers or trustees or of the officers; the mode and manner of conducting business; the mode and manner of conducting elections; the qualifications for membership; the manner in which membership shall cease; the mode and manner of expulsion of a member; the termination of a member's interest in the corporate property under the cessation of his membership, and whether he shall be remunerated therefor, and, if so, in what manner; the amount of membership fee, and the dues, or other charges which each member may be required to pay, if any; the charges which may be made for services rendered or supplies furnished the members of the corporation by it; the manner of collection or enforcement of membership fees, dues or charges, and the method of forfeiting the membership interest, for nonpayment; the method, time and manner of permitting the withdrawal of a member, if at all, and how such withdrawing member's interest may be ascertained and payments made therefor, if the corporation decides he should be reimbursed therefor; the formation of a surplus fund and the manner and proportion in which such surplus fund shall be distributed, either upon the order of the corporation or upon its dissolution; and generally, all such other matters as may be proper to carry out the purpose for which the corporation was formed."
http://www.michie.com/virginislands/lpext.dll?f=templates&fn=main-h.htm&cp=vicode
Also, for condos, see Title Twenty-Eight (Property), Chapter 33 (Condominium Act), Sections 902 (Horizontal Property Regimes) and 919 (Books of Receipts and Expenditures):
"§ 919. Books of receipts and expenditures; availability for examination; annual audit
The manager or Board of Directors, as the case may be, shall keep detailed, accurate records in chronological order, of the receipts and expenditures affecting the common areas and facilities, specifying and itemizing the maintenance and repair expenses of the common areas and facilities and any other expenses incurred. Such records and the vouchers authorizing the payments shall be available for examination by the apartment owners upon reasonable notice in advance at convenient hours of week days. An annual audit by an independent auditor shall be made of the books and records."
Has any owner ever asked for a copy of the annual independent audits at WSJ? Inspection of the audits should disclose whatever happened to any reserve fund (if there was such a thing) and at least what general categories of expenses exist. The audits normally would compare each year the budgeted and actual income and expenses and, in the notes, would indicate the terms of the management agreement, related transactions and give a pretty good indication of the percentage of delinquencies.
Even if the election does not result in your election, you certainly have (and always have had) the right to get a copy of the annual audit. Good luck in the election.
I was at the resort about 2 weeks ago. First trip. It's a very appealing place - assuming the infighting calms down a little. ... eom
