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The first assessment shall be determined bq the Board of Directors
of the Association.
D. Acceleration of assessment installments upon default.
If a dxelling unit o~ner shall be in default in the payment of an
inatallment upon an assessment, the Board of Dire ctors ma~ ac-
celerate the remaining installments of' the assessmenL upon
notice Lo the dwelling unit o~vner and the unpaid balance of
the assessrlent shall come due upon the date stated in the notice,
but not less than ten (10) days after delivery o~ the notice to
the dwelling unit owner, or not less than twenty (20) days after
the mailing of such notice to him by registered or certified
r::ail, whichever shall first occur.
E. Assessments for emergencies. Assessments for corr~non
expenses af emergencies that cannot be paid from the annual
assessments for corvnon expenses shall be made only after notice
of the need for such expenditures is given to~the dwelling unit
owners cenc~rr.ed. r~fter such notice and upon approval in
writin` by p~~rsons enLitled to cast r~ore than one-half of the
votes of thE dwellir.~ Lnit owners concerned, the assessment
shall be;.c::.e .~f~.~ctive and shall be due after thirty(3C) days'
notice in such ~anner as the Board of Directors of the Assoc-
iatien :~a~~ requ~re in the notice of assessment.
F. The deposito of the association shall be such bank
or banks and/or such savings and loan association or savings and ;
,
l~an ass~Giati~ns as shall be desi~nated from time to tir~e by
the Directors and in which the noneys of the dssociation shall
be deposited. 'r~ithdrawal of r~oneys from such accounts shall be
t
cnl}• b;• ~h~~ ck.s si~ned by such pe: sons as are authorized by the ~
;
D~rectors. ;
G. ~.n audit of Lhe acccunts of the wssociation shall be ~
:~ade annuaiiy and a copy of the audit report shall be furnished
to each ~ember nct later than April 1 of the year folloMing the
year for xhich the audit is nade.
H. ~idelity bonds shall be requircd ~,y Lhe Board ~f
Directors from all persons handling or having re sponaibility
avo~ 1~ ~89 ;
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