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be depositad in such banks and depositorias as may ba detQrmincd
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by the 13o~rd of Directora from ti.me to time, upon resolutions ap- r~,
' proved by tho 13oard of Directors, and shall be withdrawn only upo~.
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checka and demands for money signed by such officex or officers og ~.~i
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the Corporation as may be desiqnated by the I3oard of Diroctors.f~
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~ Obliqations of the Corporation shall be siqnod by~ at least two
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officers of the Corporation. ' ' `
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Section 2. Fidelity Bonds. The Treasuror and all officors .~~'~.;f
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who are authorized.to sign checks, and all officers and employees
of tl~e Association and any contractor handlinq or rosponsible for ~
Association funds, shall be bonded in such amount as may be deter-~
mined by the Board of Diroctors. The preniums on such bonds shall•
be paid by the Association. The bond shall bo in an amount suffic=.
ient to equal ~'~e monies an individual handles or has control via
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a siqnatory or a bank account or.other depository account. ~ ;
~ Section 3. Fiscal Year The fiscal year for the Corporation ~
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shall begin on the first day of Jaauary of each year; provided, ~
howevor, that the IIoard of Directors is expressly authorized to '
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cnange to a different fiscal year in accordance with the provisions •
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i and requlations from time to time prascribed by the Internal Revenue ;lr.
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€ Code. of the United States of America, at such time as the Boa~d Of
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~ Directors deens it advisab2e. - - ' ' ~
Section 4. Determination of Assessments - .
(a) The~Board of Directors of the Corporation shall fix and
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determine from time to tine, the sum or sums necessary a~d ade-
. quate for the comraon expenses of the condominium property.
Ca-amon expenses shall . include expenses for the operation, :
raaintenance, repair or replacement of the co.~nmon elemants and the ~~s.
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~ limited common elements, costs of carrying out the power anci duties
of the Corporation, all insurar~ce premiums and expenses relatinq
thereto, including~fira insurance and extended covQraqe, and any:
other expenses designated as co.-zunon expensea from time to time; by •
the 13oard of Diroctors of the Corporation. The Board of Directors
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ia ~pecifically empowered, on b~half of the Corporation, to make-.~
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