HomeMy WebLinkAbout0909 of Uir~~c tars from ~~u~j~l.~yir?y ,~~~y iiir~~c tc,i ui of f icc: ~,n ..uF,l~yee
of th~: A~SQClatlUf~ .,t such con~~ ~n~.~,tion as thc: l;o~. ~i ~:,al l 1~ter- '
mine upon. nor sh~li anytt~i~y t~cr~-in t~~ cor~stru..•ci ..o .ts to ~~reclude
the f~c~arci frorn contr~ctiny witt? a ~iir~.~ctur offi~.er or witi? any
cor}?or~ti~n i~~ whi~h ~ir.~ct~>i ~r c~i fi~:.rr ul thc: .~s;~~ciation n~ay
be stuckhol~i~r, ot f ic.~i~~ dil~~~,tor c~r ~~:iE~luy~~~ , fur ~ti~ ru~,~~q~mcrnt
of th~. (:undamir~ium for ~u~h c<„n~,~~?~~lic~ri ~+5 ~.hull' ,:utu ,l ly
agra~d b~:tween th~ E3uard ~?r?d ~uch c~fti~~r c.r ~ir~c~c;r.
6. Fi~.c.,l man:+c~~ia~~nt. "17?~ pr~vi5ior~s t ar f iscal .;~~n ..j~:~i,•~r?t oi thc:
Association s~~t ~forth in th~ U~.~.lar~tior;~c~f Concio~:~inium ~~ncf Arcicles of
Incorpar~tion shall k~e suE.pl~mc:ntc~ci by t1,E- ic,llc,w;ny pr ,vision~.: ~
~ b.l Accounts. Th~~ rc,~c~ipts ar,d ~•xN~n~fitur~: ~~~r thE ti~socia-
tiLn st~?~11 ue cre~i t~d an~i ~ti.~ryc~~ tc, ~~c;c~~n ~_s und the i t.pl ov:ing
cl~~sit ications as shall b~- ~pF~ropi•i«t~:, ~11 ot s~rt~ ic t, ex~:_nditures
~ shall be conunon expc~nsc: s:
i
` (a) Curr~nt c~xi~,~r~::~•s, w1?ic.h ~hull ir?cluj~ ,11 r~c~~ipts
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~ and cxp~nditur~s tivittiin the y~~ar i~r ~.t~ict? tt~~ b~,~d,,tt is
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~
~ madc~, including a r~:asonablc: ~3iow:,nc~• ior ccntir~q.~n~ies~
_ .
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~ and workiny funds. ~xcept expenciitures ch~rg«k~1~- ;:o
~ r~ servas, to ~dditional improve~uents c,r t~ o~. Vra ~i ~ns.
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; T}ie balance in this fund ~t tt~e end ot ~,ach y~~r :>!~UI1 be %
t ~
a~,plied to reduce the as5~:ssR,ents~ ior c;~rr~;nt <-xj,e~~se:. tor
~ the succeediny year, or may be distrit~ute~~ tc tt?~ ~,~emhership,
~
~
s~ tht Direc t~r~ sh~l l uC Lermin~~ .
~~j ~tES(:I'VE fC,T (~c•CrTi c'tj iildlll*i~i~i~t~C+-~ 1~ f1iCf~ '~~,csll
includ~ funds for rn~sintvnance ite«?, tt~ut ~~cc~ r 1~-~~ ~
fr~:yuc,~ntly th~n anriu~lly. '
( c) k~ s~~rvE t c~r rc•j,l~~c~.~n~~~t, wh i~i? ~h~~~ 1 isic_ lud~:
Eur?ds fc,r r~-p~ir or r~Nlacernent r~.~~uirt~~i uec. u-,~ c f d~rnage,
civ~~I~C1dt1Gf1 or obs~,l~scenc~•.
(~i) Iic•t Li~rmt•ntt,, ?~ts1C1+ sh.~] 1 2~~~lud~ tl.~ I.~l.~:, tc, b~~
u:;td for c~Nital exE,~n~~iturx~s f vr ,~dJit ion~l i:n~;rc ~~-m~nts or
a~dition~l ~~ersor?al E,r~F>crty tt~.~t will hc- E,a, t ci tt~e com~non
c:l~~~nt,nts.
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sco~ 223 ~cc 90y