HomeMy WebLinkAbout1736 Association and shall affix the same to instru.•nents requiring
such seal when duly authori~ed~ard directed by the Board to
do so. He shall :ceep the records o- the Condominium Association,
except those of the Treasurer, and shall perfor•,n all of tze
duties incident to the office of Secretary of the Cordomini~.un
Association as T,ay be required by the Hoard or the President.
6.5 The Treasurer shall Nave ~ustod.~ of all
of the property o: the Condominium Association, including .
funds, securities and evidences of indebtedness. He shall
keep the Assessment rolls and accounts of the Mefnbers; he
shall keep *_he books of the Condominiu.•~ Association in
accordance with good accoun=inq practices; and he shall
perform all of the duties incident to the office of a Treasurer.
6.6 Officers of the Condominium Association
shall not receive any compensation by virtue of their service
as officers.
Section 7. .Accounting Records; Fiscal Manaeement.
7.1 The Condominium Association shall maintain
accounting records in accordance with good accounting practices
which shall be open to inspection by Kembers or their authorized
representatives at reasonable times. Such authorization as
a representative of a Member must be in writing and be
signed by the Member giving such authorization and dated
within sixty (60) days of the date of any such inspection.
Written summaries of the accounting records shall be supplied
at least annually to the Members. Such records shall include
(a) a record of all receipts and expenditures; and (b) an
account for each Member which shall- designate the name of the
Member, the amount o: each Assessment charced to the Member,
the amounts and due dates for each rlssess:lent, the a~:ounts
paid upon such account and the balance due. -
7.2 (a) The Hoard of Directors shall adopt
~ a budget of the Common £:cpenses of the Condominium association
for each forthcoming fiscal year (the "Budget") at a special -
~ meeting o: the Board of Directors ("Budget Meeting") called
for that purpose to be held duri:.g t'~e first tap weeks o:
Dece.•aber of each year commencing in 1980. Prior to the
Budget Meeting a proposed Hudge= shall be prepared by or on
behalf of the 9oar~, which Budget shall i::clude, but not be
limited to, t:~e foilowi^c items o= expenses:
(i) Pay~oli
(ii) administrateion
(iii ) t~a:r .a::ar.ce
(iv} Secs=:_.~~ -
(v) ?a.~=:.~? taxes a-.. :e~a=ef ze.^.e__=s
- - ao'oi 327 P~cE x.735
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