The provision evidently gives unit owners more power in association affairs and acts as a curb on board power. It provides a window for owners to stop a contract from taking effect and requires the board to be cognizant that any contract it enters into may be cancelled by unit owners. The amount of time that the window provides for owners to cancel is measured by "the next regular or special meeting of the association, whichever occurs first." At my condo association, we generally have only one association meeting per year. The board meets about ten times during the year but the association meets only once, as a rule. If owners learn of a controversial contract, owners can petition for an association meeting or simply request the board to schedule one (either would be a "special meetings.")  
 
Because the provision is in statute, entities that contract with any Board would be "on notice" that their contracts may be cancelled by unit owner vote, although I would strongly recommend that boards refer to the statute in all their contracts.  
 
It appears that a contract could have ongoing performance, with services provided and payments made and then all of a sudden the contract could be cancelled by unit owner vote at the next regular or special association meeting (whenever that might be). 
 
The statutory provision appears aimed at giving owners the authority to stop a bad contract in its tracks.

Could a contractor file a lawsuit against the homeowners for 'breach of contract' if he feels wronged? 
 

I understand a new (hostile takeover)board has refused to pay for Sliding Glass doors contracted for by our former president and maintenance man. Contractor; although the Board will not answer the Owners apparently has now put a lien on our building. As an owner I have requested over and over they just pay the $1800 dollars he initially would settle for. Since they would not pay I believe their is a "LIEN' for approximately $4000. Contractor still has the windows.That's only one of our many new problems. 
 

Can a new Board of Directors start charging $75.00 for weekly events such as cards;bonco,bingo,icecream socials etc. when the Clubhouse is part of our condo fees and no owner has paid for weekly(regular) actives? Building was completed in 1974 and use of clubhouse has was always part of our monthly fees..

An owner requested to be on the board from a vacancy by death of a board member. He was not given the position and the president who owns(under his wife's name now) several units placed one of his renters on the board. We now have no activities and we feel we are living in a concentration camp. The board and the management company will not give us any answer other than everythings in the hands of a lawyer.