HomeMy WebLinkAbout2759 be depoaited in auch banka and depo~itories as may be determinod ~
by the Do~rd ot Oirectors from time to time, upon resolutions ap- ~
proved by the Board of Directors,.and shall be withdrawn only upon
checks and demanda for money signed by auch officer or officere of
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the Corporation as may be desiqnated by the I3oard of Directors. ~
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Obliqations of the Corporation shall be signed by at least two `
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officers of the Corporation. - ~
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Section 2. Fidelity Bonds. The Treasurer and all officers ?
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who are authorized to siqn checks, and all officers and employees (
of the Association and any contractor handlinq or responsible for - ~
Association funds,.shall be bonded in such amount as may be deter- f
mined~by the Board of Directors. The preniwms on such bonds shall
be paid by the Associstion. The bond shall be in an amount suffic-
ient to equal the monies an individual handles or has control vis
a signatory or a bank account or other depository account.
Section 3. ~Fiscal Year The fiscal year for the Corporation
shall begin on the first day of~January of eacl~ year; provided,
however, that the Board of Directors is expressly authorized to
- change to a different fiscal year-in accordance with the provisiona
and regulations from time to time prescribed by th~ Internal Revenue ~
E Code of the United States of America, at such time as the Board of _
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Directors deems it advisable. ' ~ .
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Section 4. Determination of Assessments
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(a) The Board of Directors of the Corporation shall fix and ~
determine from time to time, the suen or swas necessary and ade-
quate for the common expenses of the condominiwn property. ~
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Common expenses shall include expenses for the operation,
maintenance, repair or replacement of the common elements and the ~
limited com~?on elements, costs of carryi~g out the power ancl duties €
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of the Corporation, all insurance premiums and expenses relatinq
thereto, including fire insurance and extended coverage, and any
other expenses designated as conanon expenses from time to time, by
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the Board of Directors of the Cofporation. The Bo~rd of Directors -
- ia specifically eaapowered, on behalf of the-Corporation, to make
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