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Home My WebLink About0216 ~ meeting. No otfiaer Mho ia a deaignee of the Daveloper ahall . ~ receive any compensation for hia aervicea as an officer. Noth ~ ing herein ahall ba construed ao ~a to prohibit or prsvent the Board ot Directora from employir~g any director or olPicer as an employee of the Asaociation at such compenaation aa the Board ahnll determine upon, nor shall ar~ythir~g herein ba con- i atrued ao as to preclude the Board lrom contracting xith a di- ~ rector or ofPicer or Mith ar~q corporation in Mhich a director or officer of the Aasociati~n may be stockholder, ofPicer, di- rector or employee, for the management of the Condominium for such compenaation as ahall be mutually agreed betKeen the Board and auch officer or director. 6. Fiscal mnnagement. The proviaions ror fiscal mnnagement of the Aasociation set forth in the Declaration of Condominium and Articlea of j ~ Incorporation ahall be aupplemented by the follo~ing proviaiona: ~ 6.1 Acoounts. The receipts ar~d ezpenditurea of the Aasociation ahall be credited ar~d charged to accounta under the folloKing classificationa as shall be appropriate, all oP Nhich expenditures shall be common ezpensea: E (a) Current expenaea, Mhich shall include all ~ - receipts and eapenditurea Mithin the year for Mhich f the budget ia made, including a reasonable al1~cM- , ~ ance for contingenciea aryd ~orking funds, eacept _ ~ eaper~diturea chargeable to reservea, to additio~nal ~ ~ improvementa or to operationa. The balance in this ~ ~ Pund et the er~d oP each year ahall be applied to re- ~ ~ duce the asaesamenta Por current eapenaea for the ~ ~ succeeding year, or mny be diatributed to the mem- ~ berahip, as the Directora shall determine. ~ n (b) Reaerve for deferred maintenance, xhich - shall include funds for maintenance itema that occur s' less frequently than anriually. - (c) Reaerve Por replacement, xhich ahall - include funda for repair or replacement required r`~ ~ ~~K - ~o- ~oax i98 ~ 2~S LAW OFFICES OF GOLDSTEIN, FRANKLIN. GHONtN Q SCHRANK. P. A., 2020 NORTHEAST 163no STREET, NORTH MIAMI BEAGH. FLORIDA 331E2 ~ . ~ i - _ ~is . _ _ _ _ _ _ _ ~ _ ~