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HomeMy WebLinkAbout1932 5.5 The Treasurer will have custody of all property of the Association, inc u ing funds, securities and evidences of indebtedness. He will keep the books of the Association in accordance with good accounting practices; and he will perform all other duties incident to the office of Treasurer. 5.6 No compensation will be paid to officers of the Association. 6. FISCAL MANAGEMENT. The separate condominiums established by the Developer upon the land described in the Articles of Incorporation will, 3 in fiscal matters, be managed as a single entity; separate accounts need not be maintained for the separate condominiums; and all sums collected from assessments may be co-mingled in a single fund, or divided into more than one (1) fund, as determined by the Board of Directors. However, such fiscal management will be governed by the provisions of any agreements made by the ' Association for the management and operation of the condominium, : during the terms of such agreements. , ~ In the event such agreements are not made, or if they do not contain provisions for fiscal management, or at the termination of any such agreements, fiscal management will be as set forth in the Declarations of Condominium and these By-Laws supplemented by the following: - 6.1 Accounts. The receipts and expenditures of the ~ Association wi3~a3~e credited and charged to such accounts as shall be appropriate. All expenditures will be common expenses. ~ 6.2 Budget. The Board of Directors will adopt a combined ' budget, as to all of said separate condominiums, for each fiscal year that wi~ll include the estimated funds required to defray current expenditures and to provide and maintain funds for any other accounts and reserves, according to good accounting practices. ~ i Copies of the budget and proposed assessments will be ~ ~ transmitted to each member on or before December 1 preceding the , year for which the budget is made. If the budget is amended sub- s ~ sequently, a copy of the amended budget will be furnished to each ~ @ member. ~ ~ 6.3 Proviso. Provided, however, that until the Developer has complete~a3~of the contemplated improvements and has closed ~ the sales of all of the apartment units of all three condominiums, ~ denominated Island House Condominiums, Phase I, Phase II, and ~ Phase III, to be established by it upon said land or until ~ it elects to terminate its control of the association, or until ~ June 30, 1977, whichever first occurs, the Board of Directors may omit from the budget all allowances for contingencies and reserves. ~ 6.4 Assessments. Assessments against the apartment r: owners for their shares of the items of the budget will be made ~ for the calendar year annually in advance on or before December ~ 20 preceding the year for which the assessments are made. Such assessments will be due in equal monthly installments on the ~ first day of each month of the year for which the assessments ~ are made. If an annual assessment is not made as required, an assessment will be presumed to have been made in the amount of ~ the last prior assessment and monthly installments on such assess- ~ ment will be due upon each installment payment date until changed ~ " -6- ~ FEE. PARKER & FEE. P.A. BOC~2~4 PaGE1931 ' ATTORNEYS AT LAW ~ POST JFFICE BO% 1000 ~ FORT PIERCE. FLORtDA 33450 " ' ' = - ~a § a,.;:~~ - - . . y . . .