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valua.ble effects in the name of and to the credit of the corporation in such
depositories as may be designated from time to time by the Board of
Directors. The Books shall reflect an account for ea,ch unit in the manner
required by Section 711.12 (7) (B) of the Condominium Ac~
(b) He sha11 disburse the funds of the corporation as may be
orde~ed by the Board in accordance with these By- Laws, making proper
vouchers for such disbursements, and sha11 render to the President and
Board of Directors at the regular meetinq of the Board of Directors, or
whenever they may require it, an account of all of his transactions as.
Treasurer and of ~the financial condition of the corporation.
(c) He sha.ll collect the assessments and sha,ll promptly report
the sta.tus of collections and of all delinquencies to the Board of Directors.
(d) He sha11 give status reports to potential transferees, on whi
reports the transferees may reply.
- (e) The Assistant Treasurer sha11 perform the duties of the
Treasurer when the Treasurer is absent or incapacitat~i.
ARTICLE V. F1'SCAL MANAGEMEN'T
Section 1. Deuositories. The fur~ds of the corporation sha11 be
deposited in such banks and depositories as may be determined by the Board
~ of Directors from time to time, upon resolutions approved by .the Board of
~ Directors, and sha11 be withdrawn only upon checl~s and demands for money
siqned by swch officer or officers of the corporation as may be designated by
the Board of Directors. Obligations of the Corporation shall be signed by
i at least two officers of the corporation.
~ ~
~ Section 2. Fidelity Bonds. The Treasurer and all of~'icers who
are authorized to sign checks, and all officers and employees of the Assoc-
iation and any contractor handling or responcible for Association fur~ds, s
be bonded in such a.mount as may be determined by t~he Board of Directors.
The premiums on such :bonds sha11 be paid by the Association. The bond
shall be in an amount sufficient to equal the monies an individual handles
or has control via a signatory or a bank account or other depository accoun~
Section 3. Fiscal Year. The fiscal year for the corporation
sha11 begin on the first day of January of ea,ch year; provided, however, that
the Board of Directors is egpressly authorized to chanqe to a different
f iscal year in accordance with the provisions and rec~lations from time to
time prescribed by the Internal Revenue Cod~ of the United States of
America, at such time as the Board of Dire~tors deems it advisable.
Section 4. Determination of Assessments.
(a) The `Board of Directors ~f the Corporation sha.ll fix and
determine, from time to time, the sum or sums necessary and adequate
for the common expenses of the condominium property.
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