HomeMy WebLinkAbout0655 and keep minutes of the same; he shall have charge of all corporate
books, records and papers; he shall be custodian of the corporate
seal; he shall attest with his signature and press of the corporate
seal all contracts or other~documents required to be signed on behalf
of the corporation and shall perform all other such duties as are
incident to his office. The duties of the assistant secretary shall
be the same as those of the Secretary in the absence of the Secretary.
Section 7. The Treasurer shall have the responsibility for
corporation funds and securities and shall be responsible for keeping
full and accurate accounts of all receipts and disbursements in books
belonginq to the corporation. He shall be responsible for the deposit
of all monies and other valuable effects in the name and to the credit
of the~corporation in such depositories as may from time to time be
designated by the Board of Directors. The duties of the Assistant
Treasurer shall be the same as those of the Treasurer in the absence
of the Treasurer. -
~ Section 8. Any vacancy in the office of President, Vice
President, Treasurer, Assistant Treasurer, Secretary or Assistant
Secretary, or.any other officer or employee for any reason whatso-
ever may be filled by the Board of Directors who may elect a suc-
cessor to the vacant office at any regular or special meeting,
which successor shall hold office for the balance of the unexpired
term. - ~
ARTICLE VII
FINANCE
Section 1. The funds of the corporation shall be deposited
in such banks ar depositories as may be determined by the Board of
Directors from time ~to ti.me, upon resolutions approved by the Board
of Directors, and shall be withdrawn only upon checks and demands ;
for monies signed by such off icer or officers of the Association as
may be desiqnated by the Board of Directors. _
;
Section 2. The fiscal year of the Association shall begin
on the first day of January of each year; provided, however, that
the Board of Directors is expressly authorized to change to a dif-
ferent f iscal year in accordance with the provisions and requlations
from ti.me to time prescribed by the Internal Revenue Code of the
~ United States of America, at such times as the Board of Directors
deem advisable.
~ Section 3. An audit of the accounts of the corporation
shall be made annually and a copy of the report shall be furnished
to each member not later than June lst of the year following the
year for which the report is made.
Section 4. The Board of Directors of the corporation
shall maintain an assessment roll in a set of accounting books
in which there shall be an account for each condominium parcel. ~
Each account shall designate the name and address of the owner ?
or owners, the amount of each assessment against the owners, the ~
dates and amounts in which the assessments become due, the amounts
paid upon the account, and the balance due upon the assessments.
Section 5. The Board of Directors shall adopt a budget
year for the following calendar year which shall contain estimates ~
of the cost of operating and maintaining the corporation, including
: the following items:
~
~ a. The general expenses to be incurred in connection
" with the operation of the common elements, limited
~ common elements and interests of the condominium,
including the buildings, and Property Owners'
~ Association.
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