HomeMy WebLinkAbout1450 AIZTICLE V. FI9CAL
Sectio~n l. Depositaries. The funcls of the Qatparation shall be
depoeited in such bviks and depoasitories as may be determined by the Board
fran tim~e to titue, unori resoluti~ons app~x~aved 2yy the Board, an~d sh~all with-
~Y ~1 ~~~~ds for mo~ey sigryed by such offic~er ar offioPxs
of the Corporaticn as may be designated by the Board. Qbliqatia~s of the
Oo~rporation shall be sigr~ed by at least t~ao offioers.
Sectioci 2. Fidelity Baxls. 'The Treasurer and all offivers wl~ are
authorized to sign c~~eclcs, and a11 oFfioers and enQ,ioyees of the As.9ociatioa~
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and any vontracbor hand2ing ar respo~nsible fa~ Associatiori furx3s, shall at '
the discretian of the Board, be bo~d in such a~nount as may be c3et~ezmined by -
the Boarcl. Zne premiuns on su~ch bor~ds shall be gaid by ~ th~e As.9ociatiori. Tt~e f
bc~crl shall be in an a~ount sufficient to equal the monies an ;~;vidual handles
ar has aocitrol via a signat~oYy ar a bank aaootuit ar ott~er depositiary acoa~u~t.
Sectioai 3. Fiscal Year. The fiscal year for the do~po~ratiac~ shall
begin an th~e first c7ay of OctQber of each y~ear: p~wided, hawev~r, tt~at the
Board is exp~essly authorized t~o char~ge to a different fiscal year in aooosdanoe
with the pr~vvisiorss and regulati~ans from time ~ tin~ pre~cribed by the Jnternal
Rev~nue C.od~e of the United States of ,America, at suGh time as the Board cieen~s ~
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is advisabl,e. . ~
SectiQn 4. Determinati,on of Assess~ents.
(a) The ~aard of Direcb~rs of the CoYporatio~ sha12 fix and deternuiye
fmm time bo time, the sian or su~ neoessary and a~ec~uate fa~ the oam~an expenses
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of the Gonaaniniun Proper~ty. Prior to Cessatioci of Developmnt this det.ezmination
~ ~Y bY ~ D~~r as P~avicled in the Declaratioci.
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Canron e~enses shall include expenses for the operation, maint~enanoe,
rePair ar' r~lavarnxit of the C7onmori Elanents and the Cct~mon Oo-Use Areas, oosts
of carYying ait the power and duties of the (~orporation, all insuranoe p~gni~
~ ar~d borr3s and expenses relatux,~ thereto, incluairyg fire insuranoe and extended
°~'er~. a~~d anY other e~?ses aesi9nated as (knmon F.'~cpenses frcm time to turre,
by the Board of tt~e C7arporation. The Bc~ard of Directors is specific~ly snpo~red.
: on behatf of the cjo~rporation, to irak~e and v~llect asses~ts, and to maintain,
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