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HomeMy WebLinkAbout0702 Section 7. The Treasurer shall have the responsibility for corporation funds and securities and shall be responsible for keeping full and accurate accounts of a11 receipts and disburse- ments in books belonging to the corporation. He shall be~respon- sible for the deposit of all monies and other valuable effecta 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, may be filled by the s Board of Directors who may elect a successor to the vacant office at any regular or special meeting, which successor shall hold office for the balance of the unexpired term. ARTICLE VIII FINANCE Section 1. The fund he corporation shall be deposited in such banks or depositories as may be determined b~oved the Board of Directors from time to time, upon resolutions app by the Board of Directors, and shall be withdrawn only upon checks and demands for monies signed by such officer or officers of the corporation as may be designated by the Board of Directors. II Section 2. The fiscal year of the corporation shall s begin on the first day of January of each yea~; provided, however, that the Board of Directors is expressly authorized to change to a different fiscal year in accordance with the provisions and regulations from time to time prescribed by the Internal Revenue Code of the United States of America, at such time 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 Iater than June lst of the year following the ! year for which the report is made. ~ ~ection 4. The Board of Directors of the corporation shall maintain an assessment roll in a set of accounting books = in which there shall be anaccounttshalledesignateFtheename and ownersYtip interest. Each 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 - each year for the following calendar or fiscal year which shall contain estimates of the cost of operating and maintaining the corporation, including the following items: a. General expenses to be incurred in connection with the operation of the properties owned by the corporation. y.; b. A breakdown showing the proposed assessment against ~ each owne~ for the above expenses. ~ ~ ~ Copies of the proposed budget and assessment shall be transmitted to each member on or before thirty days preceding the beginning of the year for which the budget is made. If the budget Y -7- . • ~ BGGK 232 PAGE r' _ ~ _ _ - "a ~.~k`~`-~ . 7 ' ~,;,~s. ~ ``'-~"?-~-Ss~" ~p~"~ ~~r"~-,.,"'~",3.~. ~ ; ~ ~ ~~~~ti : ~`--F_ r_..~ v'~~K~.~ i.