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5.3. The Vice President shall exerdse the powers and•perform tf~e duties
of the President in the absence or disability opt the President . He also shell assist the
President and exercise such offier powers and perform such other duties as sha>i be
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prescribed by the directors .
_ 5.4. The Secre will keep the minutes of all proceedings of the
directors and the members . He will attend to the giving and serving of all notices.
to the members and directors and other notices required by law . He will have. custody
of the seal of the Association and affix it to instruments requiring -a seal when duly signed.
He will keep the records of the-Association. except those of the Treasurer, and will
perform all other duties incident to the office of the Secretary 6f the Assodation and. as
.may be required by the directors or the President.
5.5. The Treasurer shall have custody of all property of the Association,
including fiends, securities and erridences of indebtedness..He shall keep books of
account for the Association in accordance with good accounting practices, which, -
together with substantiating papers , shall kte made available to the board of directors
for exaanination at reasonable times . He shall submit a treasurer's report to the board
- of directors at reasonable intervals and shall perform all other duties incident to the ,
- office of treasurer .
- 5.8 . -The compensation of all officers and employees of the 'Association
shall be fixed by the directors . The provision that directors' fees shall be determined
by members shall not preclude- the board of directors from employing a director as an-
- employee of the Assodation nor preclude the contracting with a director for the manage- -
went of the condominium . -
- 8 . FISCAL MANAGEMENT . - -
The provisions for fiscal management of the Association set forth in the
Declaration of Condominium and Articles of Incorporation wiII be supplemented by
the following provisions:
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6.1. Accounts . The receipts and expenditures of the Aasoc3 anon will
be credited and charged to accounts under the following classifications, as shall b~ -
appropriate, all of which expenditures will be common expenses:
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(a) -Current expense, which will include all receipts and expenditures
within the year for which the budget-is made including a reasonable allowance for
contingencies and working funds, except expenditures chargeable to reserves, to
additional improvements or to operations . The balance in this fund at the end of each _
year will be applied to reduce the assessments for current expense for the succeeding
- yesir. .
(b) Reserve for deferred maintenance. which will include funds
for maintenance items tsat occur leas frequently than annually .
(c) Reserve for replacement, which will include funds for repair
1 or replacement required because of damage, depreciation or obsolescence.
(d) Betterments, which will include the funds to be used for
- capital expennditures for additional improvements or additional personal property -
- that will be part of the common elements .
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~ 8.2. Bud et. The Board of Directors will adopt a budget for each
calendar year that will include the estimated funds required-to aefray the t~mmon
expense and to provide and maintain funds for the foregoing accounts and reserves
according to good accounting practices as follows:
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