Not more than 21 days after the developer ceases to be the registered owner of the majority of the units, the board of directors must call a meeting of owners to elect a new board. At the meeting, the developer must deliver to the new board a number of documents required under the Act and within 60 days after the meeting, audited financial statements of the Corporation prepared by the auditor, as of the last day of the month in which the meeting is held. The turnover meeting effectively “turns over” the Condominium Corporation from the developer to the unit owners.