A unit owners' association shall be organized no later than the date the first unit
in the condominium is conveyed. The membership of the association at all times shall consist exclusively of all
the unit owners, or following termination of the condominium, of all persons entitled
to distributions of proceeds under G.S. 47C-2-118. The association shall be organized as a profit or nonprofit corporation or as an
unincorporated nonprofit association.
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