HomeMy WebLinkAbout0671 ~ ARTICLE X
ASSESSME T A REFUNDS .
All zssessments paid by the owners of condominium parcels ~
for the m2intenance and operation of the condo~iniums which ths
k~sociatior. sha?1 operate shall be utili~ed by the corporation to pay
for the cos~ o: aaid maintenance and opera~ion as well as for the
cost of ~~ai^t~aance and ~peration of other facilities in ~he
i
development of which the condomini~um is a part that the corporation
and/or its r~~~bers are obligated to pay. The corporation shall F
have no interest in arty funds received by it through assessraents
from the o~aners of individual condominium parcels except to the
extent necessa:y to carry out the powers vested in it as agent
for said members.
The Corporation shall make no distribution of income to
its members, directors or officers, except a~ salaries for services
rendered as provided for herein and in the By-Laws-of the corporation,
and the corporation shall be conducted as a non-profit corporation. .
Any funds held by the corporation from its receipts, over
and above the common expenses shall be known as the common surp~us
of the corporation and the same shall be held for the use and
benefit of its members in the proportion to the percentage of their
ownership in the limited and general common elements of the corporation.
Upon termination of the eondominium and dissolution or
final liquidation of this corporation, ~he distribution to the
members of this corporation of the common surplus in pro"~ior~~.on
to the percentage of their oWnership in the 13.mited and general
common elements shall not constitute or be deemed to be a diV~idend
or distribution of income.
ARTICLE XI
IrTDEt4NIFICATION
Every director and every officer of the corporation shall
be indemnified by the corporation against all expenses and liabilities, ~
including attorney's fees, reasonably incurred or imposed upon him
~ in connection with an;/ proceeding to which he may be a party, or in
~ n lved b reason of his bein or havin~ b~~en
~~_ich he may become i vo , y g
a director or officer of the corporation, or any settlement thereof,
:~rhether or not he is a director or officer at the time such expensea
~ 2.re incurred, except in such cases where the director or officer is
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