HomeMy WebLinkAbout0053 of DirQCtors fr~m eT:ploying any direct~r or officer as an ~mployee
of the Associatian at suc}i compensatic~ as the Board shal~ deter-
mine upon, nor shal~. anything herein be construed so as to preclude
the Board from contracting with a direc~or or officer or with any'
corporation in wnich a dzrecto~ or cfficer of the Association may
be stockholder, officer, director or employee, for the management,
of the Condomini~m for such compensation as shall be mutually
agreed between the Board and such officer or director.
b. Fiscal manaqement. The provisions for fiscal management o£ the
Association set forth in the Declaration of Condominium and Articles of
Incorporation shall be su~plemented by the follcwing provisions:
6.1 Accounts. The receipts and expenditures of the Associa-
tion shall be credited and charged to accounts under the following
classifications as shall be appropriate, all of which expenditures
shall be com.mon expenses:
(a) Current expensas, which shall include all receipts
ar,d expenditures within the year for which the b~.~dget is
made, including a reasonable allowance for contingencies
and working funds, except expenditures chargeable to
reserves, to additioral impravements or to operations.
The balance in this fun~ at the end of each year shall_be
applied to reduce the assessments for current expenses for
the succeeding year, or may be ciistributed to the membexship,
as the Direc*ors shall determine.
(b) Reserve for deferred maintenan~e, vYhich shall
in~~ude funus for maintenance items that occur less
frequently than annually.
I (c) Reserve for replacement, which shall include
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fund`~s for repair or replacement required because of damage,
depreciation or obsolescence.
Betterments, ~~rhich shall include the funds to be
used for capital exPen~itures for additional improver~ents or•
addition.:l personal property that will be part ~f the com-non
elements.
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