HomeMy WebLinkAbout0055 ~ 6.4 Acceleration of assessment install~.ents upon default.
If a condaminium unit owner sh~all be ia dLfault ir~ the paymej~~
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of an installment upon an assessment, the Board ct Directors may
accelerate the remaining installme~ts of the assessment upon
notice to ~h4 c~ixl~minium u~-~t owner, and the then unpaid balance
of the assessment shal~ be due upo~ the date stated in the notice,
but not less than five (5; days after delivery of the notice to
the condominium unit ow:*.er, or not less than ten (].4) days after
the mailing of suci, notice to him by registered or ~ertified
mai1, whichever shall first ~ccur.
6.5 The deaository of the Association shall be such bank
or banks as shall be designated from time to time by the directors
and in vvhich the monies of the Association shall be deposited,
Withdrawal of moni~s from sucn accounts shall be only by checks
signed by such persons as are authorized by the directors,
provided that a Management Agreement may include in its provisions
authority in the Manager ~o sign checks on behalf of the Associa-
tion for payment of the-obligations ~f the Association.
6.6 Fidelit•,~ bond~ ma}~ be required by the Board of Directors
for all persons handling or responsible f6r-~ssociation funds in
such an amount as shall be determ~ned by the Board. The premiums
on such bonds sh~ll be paid by the Association.
6.7 Audit. An audit of th~ accc~unts of the Association may
be r.:ade from time ±o tim~ as directed by the Board of Directors.
A copy of any au~it report received as a result of an audit
shall be furnished each member of the Association not later than
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thirty (30) days after its receipt by the Board.
~ 7. Parliamentary rules. Roberts' Rules cf Jrder (Iatest editi~n)
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' shall govern the conduct of the Association meetings when Incorperati~n,
~ or these By-Laws.
' 8. Amendments. A resolution for the adoption of a proposed
amendment of these B~r-Laws may be proposed by either the Boaxd of
Directors of the Association or by the members of ~he Association.
Members ~nay propose such an amendment by instrument in writing directed
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