HomeMy WebLinkAbout0656 b. A breakdown showinq'the proposed assessment against .
each owner for the above expenses.
Copies of the proposed budget and assessment shall be
transmitted to each member on or before December lst preceding
the year for which the budget is made. If the budget is subse-
quently amended before the assessments are made, a copy of the
amended budqet shall be furnished to each member concerned.
Section 6. The Board of Directors may require that a
fidelity bond shall be obtained for all officers and employees of
the corporation handling or responsible for the corporation funds.
The amount of such bond shall be determined by the Board of Direc-
tors and the premium on such bond shall be paid by the corporation
as an item of general expense.
Section 7. All assessments paid by members of the cor-
poration for the maintenance and operation of the condominium_shall
be utilized by the corporation for the purpose of said assessments.
Any excess of monies received from said assessments paid by any
members shall be held by the corporatxon for the use and benefit of
the members. Any surplus held by the corporation after the payment
of expenses for maintaining and operating the general common elements
shall be considered as general surplus and held for the benefit of
all members. No distributions of any surplus shall be made in cash
to the members at any time.
Section 8. The Board of Directors of the Association shall
f ix and determine from time to time the sum necessary and adequate
for the common expenses of the condominium and common expenses shall
include expenses for the operation, maintenance, repair or replace-
ment of the conunon elements or li.mited common elements, costs of
carrying out the powers and duties of the association, all insurance
premiums and related expenses, the assessments of the Property
Owners' Association, and any other expenses designated as co~arnon
expenses from time to time by the Board of Directors or as designated
in any of the condominium documents of this condominium. Funds for
the payment of common expenses shall be assessed against unit owners
in the percentages of sharing expenses. Said assessments shall be
payable monthly in advance. Special assessments shall be levied in
the same manner. The association may contract w~th the Property
Owners' Association for the collection of such assessments. . _
~ ARTICLE VIII
E AMENDMENTS
~
i
~ Section 1. The Articles of Incorporation of the non-profit
s corporation may be amended by the members at a duly constituted
meeting for such purpose, provided, however, that no amendment shall
take effect unless approved by members representing at least 75$ of
the votes in the condominium as set forth in the Delcaration of Con-
dominium. -
Section 2. These By-Laws may be amended by the corporation
at a duly constituted meeting for such purpose, provided, however,
no amendment shall take effect unless approved by members represen-
ting at least 75$ of the total votes in the condominium as set forth
in the Declaration of Condominium.
Section 3. The Declaration of Condominium may be amended
in accordance with the provisions of the Declaration of Condominium.
Section 4. No amendment to the Articles Qf Incorporation,
a~
~ the By-Laws or the Declaration of Condominium shall be valid without
~ the written consent of 100$ of the members as to the following: No
~ amendment may be made which in any way changes the percentage of
ownership owned by any member of a condominium parcel in the genera
~ -cammon elements of the condominium, or which in any way changes or
.
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