House Bill 388, now pending before the General Assembly, would permit a condominium’s board of directors to hold a closed meeting to discuss negotiations pertinent to a business transaction. It would amend Section 11-109.1 of the Maryland Condominium Act to permit closed board meetings for “consideration of the terms and conditions of a business transaction in the negotiation stage if the disclosure could adversely affect the economic interests of the council of unit owners.”
Presently, a condominium’s board of directors may meet in closed session for the following purposes: (1) Discussion of matters pertaining to employees and personnel; (2) protection of privacy or reputation of individuals in matters not related to the council of unit owners’ business; (3) consultation with legal counsel on legal matters; (4) consultation with staff personnel, consultants, attorneys, board members, or other persons in connection with pending or potential litigation or other legal matters; (5) investigative proceedings concerning possible or actual criminal misconduct; (6) complying with a specific constitutional, statutory, or judicially imposed requirement protecting particular proceedings or matters from public disclosure; or (7) discussion of individual owner assessment accounts.
