HRS 0514C-0022 ANNOTATIONS

L 2002, c 199, §3 provides:

"SECTION 3. No purchase or conveyance of leased fee interest or allocation of costs made prior to the effective date of this Act [June 25, 2002], to or by an association of apartment owners in a good faith belief that the purchase, conveyance, or allocation was valid, and no assessment, borrowing, mortgage, or pledge by an association of apartment owners in connection therewith, shall be invalid because the association was without capacity or power to undertake the act or to make or receive the allocation, conveyance, transfer, or loan. No apartment owner shall be excused from paying the owner's share of the common expenses incurred in acquiring the leased fee interest to the land or to service any debt associated therewith, on account of the association's lack of capacity or power."