HomeMy WebLinkAbout0837 of Director;; lrom ~,mE~lc~yii?~~ :,i~y ciir~ctoi~ or ~ ff ic~: ~~„iployee
of the.~ A~sociation :~t ~uct~ cu~nE-an~ation .~s tt~a [3os~~ct ~t~.~ll Jeter-
mine upon~ nor sh.~ll ~nytl?iny hc:r~:in cor,si ru~~ci .o tc~ preclude
the D~ar~i from contr~ctiny wit}~ a dir~~ctor oi offi~.~r o1~ rlith any
corpor~tion in which a~iir~~ci.ur or ut fic~.~r c,t th.~ :.~~~~c..i;ition m~y
be stoc.kt?olci~r, ot f~ic~r, aix-~:ctur c:r ~iu~,.loy~,. , for Lh~• ~„~r~uy~ment
of thc: Condominiu,n for such c~~u~F~c~ns:.i1 ic~rl ~.h~ll n~ut u.~lly L
agre`d b4 tween th~~ E3o~rd ~~nd ~uch t t ic~ r c,r ~ii rec ~or ,
6. ~'1:,C.t1 ((1~111<1[~E,'ifl~.'llt. ~~1~: F~fUVl'~lOC~S tUT C1SCd1 ~l.allu~~~ ((l~t(1t Qf tt1(.+
. .
Assoc~atiun set forth in tti~ U~:clar~+ti~n of Condo,:~iniurn an~ ::rcicle:. of ~
Incorporation sh.~ll k~e su~,plr~~?ent~~i by th~• tollc-winy pr,vi:,i.~n.:
v, l Accounts. Tiie r~~c~:ipts a~,d ~-xp~ntliture ~ ut t?~~ Assacia-
tiun stiall be c:redit~d anci cti,~rg~~ tc, accouncs und -r t.h~~ t~llotiving
- classific~tions as shall b~ ap~ropri«tt., ~11 0! which ~-p,-nditures
shall ba common expenses:
i (a) Current ~~x~.~ns`s, w}~ic:h ~h~ll ir~clul~ .~11 r~c~i~,ts
i ;
, and expenditures tivittiin th~ y~ar fc;r ~~hic1? tt~~ bud,~~ t is
~ m~d~, includiny a reason;~bl~: ~l~~w~nct• •t~or ccntir,q_~r,cies
~ -
~ and working funds, ~xce~t expc~nciiture~ ch~~rgc-:~bl~• ~o ~
~
r~serves. to addition~~l iinproveinents c:r tu o~,~~rat_i-~ns.
; ~ :~~c balance in this fund at the end ot~ ~=ach y~:~?r s~?ull be '
dE,pliea to reduce the asSes~R~ents t or currEnt t:x~~e.~s~~_~ for
• tk~e succeediny year, or m~y k,e distrit,uteci tc ~,t,t: ~uc~r~t~ership,
a~ th~: Direct~rs shall cl~tet~min~..
. .
(b~ k~SeTVe fc~7' dc~f~.r; ~d :~~aira*_c~~~~~?c~~~ hic.t~ ~~~~all
. includ~ funds for rn~int~n~n~.e i te~n~ ti?~ t, ~~cc~ r 1~~:, ~
freyuc-r~tly tte~n annu~lly. '
(c ) tte:5c~r•vE, f~~r rv~,l~cemei,t, whicti ~ha.! 1 iri~ 1u:1`
funds for rep~ir or ie~,l~cErnent r~y~irc~~ t~EC: u~~- c i .~.~mage,
' cJ~NrLciation cr obsc,l~s~cnc e.
;
(d) f3f~tL~•rmer,t.s, v;hich sh.,ll it?,.lud~ ti.~ it~r:~.1~, to be ~
ustd for caF~itdl ex}~~n~iitures tOI ~C~C11L1G(l~~l i~r~F;rc vc:rr~~:nts or
~dc.iitional person~l E.rop~rty th~~t •r~il l h~ E,~. t c.i tt,e' ~omraon
~l~rnents.
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- aa~zz~ P~~~ ~37