HomeMy WebLinkAbout2672 authorized representatives. Such books and records shall include,
but be not limited to, those items required by the Condominium
Act. He shall be responsible for the deposit of all monies and
other valuable effects 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 or employee, for any reason
whatsoever, may be filled by the 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 VII
FINANCE
Section 1. The funds of the Corporation shall be deposited
in such banks or depositories having their accounts insured by an
instrumentality of the Federal Government as may be determined by
the Board of Directors from time to time, upon resolutions approved
by the Board of Directors, and shall be withdrawn only upon
checks and demands for monies signed by such officer or afficers
of the Corporation as may be designated by the Board of Directors.
Section 2. The fiscal year of the Corporation shall begin
on the first day of January of each year; 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 times as the Board
of Directors deem advisable.
Section 3. An audit of the accounts•(including 'capital
accounts, reserve accumulations in accordance with §718.504(20)(c),
1.k., and contributions) of the Corporation, which need not be
I;~ certified, shall be made annually by an auditor independent of
the Developer and a copy of the report shall be furnished to
each member not later than June 1st of the year following the
year for which the report is made. -
Section 4. The Hoard of Directors of the Corporation shall
maintain an assessment roll in which there shall be an account
for each Condominium Unit. Each account shall designate the name
and address of the owner or owners, the amount of each assessment
j against the owners, the dates and amounts in which the assessments
become due, the amounts paid upon the account, and the balance
~ due upon assessments.
Section 5. The Board of Directors shall adopt a budget on
~ or before November lst of each
( year for the following calendar
s year which shall be detailed, shall show the amounts budgeted by
~ accounts and expense classifications, including, if applicable,
but not limited to those expenses listed in ~§718.112(3)(K) and
~ (L) and 718.504(20), Florida Statutes, and shall contain estimates
of the cost of operating and maintaining the Corporation, including
the following items:
e
a. The general expenses to be incurred in connection with
the operation of the Common Elements, Limited Common Elements,
interests of the Condominium, including the buildings, and recrea-
tion areas. Said expenses shall include the accruing of reasonable
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