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HomeMy WebLinkAbout1893 ` 6.2 ~Bud et_. The Board of Directors ~hall adopt a budqet for each calen a year that shall include the estimated funds required to defray the coaamon expense and to provide and mai~tain funds for reserves. • 6.3 Assessments. Assessments against the condoaainium unit awners for eir s are of the items of the budqet shall be made for the calendar year annually in advance on or before December 20th preceding the year for which the assessments are made. Such assessments shall be due in twelve equal installments, payable on the first day of each month of the year for which the assess~ . ments are made. If an annual assessment is not made as required, an assessment shall be preswmed to have been made in the amount of the last~prior assessment, and monthly installments_on such assessment shall be due upon each installment payment date until changed by an amended assessment. In the event the annual assess- ment proves to be insufficient, the budget and assessments may be amended at any time by the Board of Directors. Unpaid assess- ments for the remaininq portion of the calendar year for which an amended assessment is made shall be payable in as many equal installments as there are full months of the calendar year left as of the date of such amended assessment, each such monthly installment to be paid on the first day of the i~aonth, commencing the first day of the next ensuing month. Provided, nothing herein shall serve to prohibit or prevent the Board of Directors fran imposinq a lump sum assessment in case of any immediate need or emergency. ~ 6.4 Accele=ation of assessment installments u on default. If a condominiwn unit awner s a be in e au t in e pay- ment of an installment upon an assessment, the Board of Directors may accelerate the remaining installments of the assessment upon notice to the condominium unit owner, and the then unpaid balance of the assessment shall be due upon the date stated in the notice, but not 2ess than five (5) days after delivery of the notice to the condominium unit awner, or not less than ten (10) days after the mailing of such notice to him by registered or certified mail, whichever shall first occur. 6.5 The de osito of the Association shall be such bank or banks as s a 1 be designated from time to time by the direc- tors and in which the monies of the A~sociation shall be deposited. Withdrawal of monies from such accounts shall be only by checks siqned by such persons as are authorized_by the directors, pro- vided that a Management Aqreement may include in its provisions authority in the Manager to sign checks on behalf of the Associ- ation for payment of the obligations of the Association. 6.6 Fidelit bonds may be required by the Board of : Directors for a persons handling or responsible for Associa- tion funds in such an amount as shall be determined by the Board. The premiums on such bonds shall be paid by the Association. 6.7 Audit. An audit of the accounts of the Association may be made-~rom time to time as directed by the Board of Direc- tors. A copy of any audit report received as a result of an audit shall be furnished each member of the Association not later than thirty (30) days after its receipt by the Board. 7. Parliamentar rules. Roherts' Rules of Order (latest edition) sha12 govern e con uct o e Association meetings when Incorporation, or these By-Laws. 8. Amendments. A resolution for the adoption of a proposed amendment of these By-Laws may be~proposed by either the Board of Directors of the Asaociation or by the members of the Association. Members may propose such an amendment by instrument in writing directed to the President or Secretary of the Board signed by not less than ten (10$) percent of the membership. Amendments may be proposed by the Board of Directors by action of a majority of the Board at any reqularly constituted meeting thereof. Upon an amendc~ent beinq proposed as here- Soo~188 ~~E1890 ~JIW OFFtC[s OF QOi.DfTE1(~f, FR/?MKLIN, CHONIN t iCNRANK, P. A., 2020 NORTHEAQ~ Id~~o fTR[ET, NOIlT11 MIAMI StACM. ~.o~~a? aa~s: t~` ~ r ~ ~_".°'T,~ 'r~~r s ~ . ` - . _ . ~ " i s ~.c ~,.f - . --~'zi`~ ~ „