HomeMy WebLinkAbout2061 assist the Secretary.
5.5 The Treasurer shall have custody of all property of the
Association, including funds, securities and evidences of indebfied-
ness. He shall keep the books of the Association in accordance with
good accounting practices; and he shall perform all other duties
incident to the office of Treasurer. The Assistant Treasurer, if any,
shall perfonn the duties of the Treasurer when the Treasurer is absent,
and shall otherwise assist the Treasurer.
5.6 No compensation shall be paid to any officer of the
Association except with the approval of a majority of the membership,
reflecting by a vote taken at a duly constituted membership meeting.
No officer who is a designee of the Developer shall receive any com-
pensation for his services as an officer. Nothing herein shall be
constrt:ed so as to grohih;~ ~r prevent the Board of Directors from
employing any director or officer as an employee of the Association
~ at su ch compensation as the Board shall determine upon, nor shall
anything herein be construed so as to preclude the Board from contract-
ing with a director or officer or ~vith any corporation in which a
director or officer of the Association may be stockholder, afficer,
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' director or ernployee, for the management of the Condominium for such
; compensation as shall be mutually agreed betcveen the Board and such
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z officer or director.
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~ 6. Fiscal management. The provisions for fiscal management of
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k the Association set forth in the Declaration of Condominium and Articles
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µ of Incorporation shall be supplemented by the following provisions:
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~ 6.1 Acm unts. The receipts and expenditures of the Asso ci-
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- afiion shall be credit~u and charged to accounts under the follawing ;
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.~3 classifications as shall be appropriate, all of which expenditures ;
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shall be common expenses: '
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~ (a) Current expenses, which shall include all receipts x
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; and expenditures within the year for which the budget is made, includ-
ing a reasonable allowance for contingencies and working funds, except ~
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expenditures chargeable to reserves, to additional improvements or to
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~ - BOOK 237 P~~E 2059 -
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