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HomeMy WebLinkAbout0813 and serving of all notice to the members and directors and other notices required by law. He shall have custody of the seal of the Association and affix it to instruments requiring a seal when duly signed. He shall keep the recor3s of the Association, except those of the Treasurer, and shall perform all other duties incident to the office of Secretary of an association and as may be required by the directors or the President. The Assistant Secretary, if any, shall perform the duties of the Secretary when the Secretary is absent, and shall otherh~ise assist the Secretary. 5.5 The Treasurer shall have custody of all property of the Association, inc u ing funds, securities and evidences of indebtedness. He shall keep the books of the Association in accordance with good accounting practices; and he shall perform all other duties incident to the office of Treasurer. The Assistant Tr~snrer, if any, shall perform the duties of the Treasurer when the Treasurer is absent, and shall otherwise assist the Treasurer. 5.6 No compensation shall be paid to any officer of the Association except with'-the approval of a majority of the member- ship, ref lected by a vote taken at a duly constituted membership meeting. No officer who is a designee of the Developer shall receive any compensation for his services as an officer. Nothing herein shall be constructed so as to prohibit or prevent the Board of Directors from employing any director or officer as an employee of the Association at such compensation as the Board shall determine upon, nor shall anything herein be construed so as to preclude the Board from contracting with a director or officer or with any corporation in which a director or officer of the Association may be a stockholder, officer, director or employee, for the management of the Condominium for such compen- sation as shall be mutually agreed between the Board and such officer or director. 6. Fiscal management. The provisions for fiscal manageanent of the Association set forth in the Declaration of Condominium and Articles of Incorporation shall be supplemented by the following provisions: 6.1 Accounts. The receipts and expenditures of the Association shall be credited and charged to accounts under ; the following classifications as shall be appropriate, all , of which expenditures shall be common expenses: ~ r (a} Current expenses, which shall include ~ all receipts an expenditures within the year for which the budget is made, including a reasonable allowance for contingencies and working funds, except expenditures chargeable to reserves, to ; additional improvements or to operati~ns. The balance in this fund at the end of each year shall ' be applied to reduce the assessments for current expenses for the succeeding year, or may be distri- buted to the inembership, as the Directors shall ~ determine. ~ (b) Reserve for deferred maintenance, which shall inclu e un s or maintenance items that ~ occur less frequently than annually. (c) Reserve for re lacement, which shall ~ include fun s or repair or rep acement required p because of damage, depreciation or absolescence. ~r ~ (d~~ Betterments, which shall include the ~ funds to be use or capital expenditures for ~ additi.onal improvements or additional personal property that will be part of the common elements . ~ ~ _6_ 800if ~07 ~ u L~ LAW OFFICES OF GOIDiTE1N, FRANKIlN. CHONIN Q SCHRANK. P. A., 2020 NORTMEAST 163no STREET. NORTH MIAMt BEACN. FLORIDA 33162 9 .~;y-~ _ ' - - _ _ !.--.Y~:'