(a) A meeting of the board of directors may be held in closed session only for the following purposes: (1) Discussion of matters pertaining to employees and personnel; (2) Protection of the 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) Consideration of the terms or conditions of a business transaction in the negotiation stage if the disclosure could adversely affect the economic interests of the council of unit owners; (7) Complying with a specific constitutional, statutory, or judicially imposed requirement protecting particular proceedings or matters from public disclosure; or (8) Discussion of individual owner assessment accounts. (b) If a meeting is held in closed session under subsection (a) of this section: (1) An action may not be taken and a matter may not be discussed if it is not permitted by subsection (a) of this section; and (2) A statement of the time, place, and purpose of any closed meeting, the record of the vote of each board member by which any meeting was closed, and the authority under this section for closing any meeting shall be included in the minutes of the next meeting of the board of directors. (c) Nothing in this section may be interpreted to authorize the board of directors to withhold or agree to withhold from the unit owners the terms of any legal agreement to which the council of unit owners is a party.
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