HomeMy WebLinkAbout0133 E. Acceleration of assessment installments upon default. If a condominium unit
owner shall be in default in the payment of an installment upon an assessment, the Board of
I?irectors may accelerate the remaining installments of the assessment upon notice to the
condominium unit owner, and the then unpaid balance of the assessment shall be due upon
the date stated in the notice, but not less than five (5) days after delivery of the notice to
the condominium unit owner, or not less than ten (10) days after the mailing of such notice
to him by registered or certified mail, which~ver shall first occur.
F. The depository of the Association shall be such bank or banks as shall be desig-
nated from time to time by the Directors and in which the monies of the Association shall be
deposited. Withdrawal of monies from such accounts shall be only by checks signed by such
persons as are authorized by the Directors.
G. Fidelity bonds may be required by the Board of Directors for all persons hand-
ling or responsible for Association funds in such amount as shall be determined by the Board.
€ The premiums on such bonds shall be paid by the Associarion .
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H. Audit. An audit of the accounts of the Association may be niade from rime to rime
~ as directed by the Board of Directors. A copy of any audit report received as a result of an
- audit shall be furnished each member of the Association not less than thirty (30) days after
~ its receipt by the Board to the extent that it applies to the condominium vvherein the member
~ owns a condominium unit.
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ARTICLE VII
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PARLIAMENTARY RULES
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Roberts' Rules of Order (latest edition) shall govern the conduct of the Association
- meetings when not in conflict with the Articles of Incorporation or these By-Laws . ~
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~ ARTICLE VIII
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AMENDMF.NTS
A. A resolution of the adoprion of a proposed amendment of these By-Lavvs may be pro-
posed by either the Board of Directors of the Association or by the mea~bers of the Associa-
tion . Members may propose such an amendment by instrument ir_ writing directed to the
President or Secretary of the Board signed by not less than ten (10$) percent of the mem-
bership . Amendments may be proposed by the Board of Directors by action of a majority of
the Board at any regularly constituted meeting thereof . Upon an amendment being proposed
- as herein provided for, the President, or, in the event of his refusal or failure to act, the
Baard of Directors, shall call a meeting of the membership to be held within sixty (60) days
for the purpose of considering said amendment . Directors and members not present in person
;_YS or by proxy at the meering considering the amendment may express their approval in wriring
providing such approval is delivered to the Secretary at or prior to the meeting. Except as
elsewhere provided, such approvals must be either by:
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