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Section . Fiscal Year. h f ~
3 T e iscal year for~ }
the corporation shal) begin on the first day of October
of each year; provided~ however, that the Board of Dir-
ectors is expressly authorized to change to a different
fiscal year in accorda~ce with the provisions and re-
gulatio~s from time to time prescribed~by the Internal ;
Revenue Code of the United Statas af America, at such ~
time as the Board of Di~ectors deems is advisable. ~
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Section 4. Oetermination of Assessments. ~
(a) The Board of Directors of the Co~poration
shall fix and determine, from tlme to time, the sum
or sums necessary and adequate for the common expenses
of the condominium property. ~
Common expe~ses shall include expenses for the
operation, maintenance, repair or ~eplacement of the
common elements and the limited commo~ elements, costs
of ca~rying out the power and duties of the corporation,
all insurance premiums and expenses relating thereto,
inciuding fire insurance and extended coverage, and any
cither expenses designated as common expenses from time
to time, by the Board of Directors of the Corporation.
~ The Board of Directors is specifically empowered, on
behalf of the corporation, to make and collect assess- '
ments, .and Lo maintain, repair and replace the common
elements and the limited common elements of the Condo-
minium. Funds for the payment of common expenses shall
be assessed against the unit owners in the p~oportions ~
of percentages of sharing common expenses as provided
in the Deciaration. Said assessment shall be payable as -
ordered by the Board of Directors. Special assessments,
should such be required by the Board of Directors, shall
be levied in the same manner as hereinbefore provided for '
' regular assessments, a~d shall be payable in the manner ~
` determined by the Board of Directors.
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~ (b) When the Board of Directors has determined ;
~ the amount of any assessment, the Treasurer of the Co~- f
~ poration shall mail or present to eacfi unit owner, a ~
~ statement of said unit owner's assessment. All assess-
ments, shall be payable to the Treasu~er of the Corporation
~ and, upon request, the Treasurer shall give a receipt for
each payment made to him.
Section.5. A lication of Payments and Co-Mingling ~
o Funds. ,
~ All sums collected by the Association from assess- '
~ ments may be co-mingled in a single fund, or divided into
~ more than one fund, as determined by the Board of Direc-
tors. Ali assessment payments by a unit owner shall be
~ applied as to interest, delinquencies, costs and attorneys' ;
- fees, other charges, expenses or advances, as provided here-
; in and in the Declaration of Condominium, and general or ?
special assessments in such manner as the Board of Directo~s '
~ determines in its sole discretion.
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