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meeting. No ofPicer Nho is a deaignee oP the Developer shall
receive any compenaation Por his eervtcea aa an officer. Noth-
ing herein shall be construed so as to prohibit or prevent
the Board of Directora from eng~l,oying ar~q director or oft'icer ~
~
as an employee of the Association at such compensation aa the i
Board ahall deterudne upon, nor shall ar~rthing herein b~ con- ~
+
atrued so as to preclude the Board Prom contracting Mith a di-
rector or ofi'icer or xith ar~y corporation in ~hiah a director
or officer of the Aasociation may be stockholder, officer, di-
rector or employee, for the management of the Condominium for
such compensation as ahall be mutually agreed bettreen the Board
and such oPPicer or director.
6. Fiscal management. The provisions Por fiscal management of the
~
Association set forth in the Declaration of Coniominium and Articlea of
Incorporation shall be supplemented by the folloxing provision~s:
6.1 Accounts. The receipta and e~cper~ditures oP the
~
Association ahall be credited and charged to accounta urider
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the folloxing classiPications as ahall be appropriate,~all oP
~ .
~ ~rhich expenditures shall be common expenaes:
~ (a) Current eapensea, Nhich shall include all
,
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~ receipts and expenditures ~?ithin the year for Nhich
~
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~ the budget is made, including a reasonable allox- ~
~
~ ance for contingencies and ~+orking ft~nds, ezcept
~ expenditurea chargeable to reserves, to additional
~
c
~ improvements or to operationa. The balance in thia
fund at the end of each year ahall be applied to re-
f
z duce the assessments for current expenaes for the `
~
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succeeding year, or may be distributed to the mem-
_ bership, as the Directors ahall determine.
_ _ - ~
- (b) Reserve for deferred maintenance, Mhich
shall include funds for maintenance it~ma that occur
- less frequently than annually.
_ ;
= (c) Reserve for replacement, Nhich shall ~
include ~nds for repair or replacement required
0 R ~
Bo~ ~97 ~~i526 ~
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- LAW OFFICES OF GOLDSTEIN. FRANKLIN. CHONIN Q SCHRANK. P. A., 2020 NORTHEAST 163no STREET, NORTH MIAMI BEACH, FLORIDA 33162