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said board of Directors. Obligations of the Association shall
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be signed by at least two (2) officers of the Association. #
C. Fidelity Bonds., The Treasurer and all other.
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offscers and employees of the Association who are authorized to
sign checks, and any contractor handling or responsible for
Association funds shall. be bonded in such amount as may be deter-
mined by the Board of Directors. The premiums on such bonds
shall be paid by the Association. -The-bonds shall be in an - -
amount sufficient to equal the monies an individual-handles -
. or has control- of via a si-gnatory of a bank account or other -
depository account. -
D. Fiscal Year. The fiscal year of the Association -
shall be;;n on January first 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.
time as the Board of Directors deems it advisable.
E. Co-mingling~of Funds. All sums collected by the
--Association from assessments may be co-mingled in a single fund -
or divided into more than one-fund as determined by the Board
- of Directors.
ARTICLE X -
COMPLIANCE AND DEFAULT- -
A. Violations. In the event of.a violation {other
than the non-payment of assessments) by the Unit Owner of any
. ~ of the provisions of the Declaration of Covenants, Restrictions
and Easements, these By-Laws or the:Articl-es of Incorporation,
the Association, by direction of its Board of Directors, may
notify the Dwelling Unit Owner by written notice. of said breach,
transmitted by mail, and if such violatio~~ shall continue for
a period of thirty (30) days from the date of the Notice,.
the Association, through its board of Directors, shall have the
right to treat such violation as an intentional, and material
-breach of the Declaration, the 8y-Laws, or these Articles,
- and the Association may .then, at its option, have the follow-
s ng el ectf ons: - • p4~•2~3,4t
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