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HomeMy WebLinkAbout1103 Section 8. Any vacancy in the office of President, Vice Presi en reasurer, 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 inay 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 suc ants 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by the Board of Directors from time to time, upon resolutions approved by the Board of Directors, and shall be withdrawn only upon checks and demands for monies signed by such officer or officers of the Corporation as may be designated by the Board of Directors. Section 2. The fiscal year of the Corporation shall. begin on the rst ay 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 of the Corporation shall a ma a annually and a copy of the report shall be .furnished to each member not later than June 1st of•~e'year following the year for. which the report is made. Section 4. The Board 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 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• I! or be ore November 1st of each year for the following calendar j 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 Section 718.504(20), .Florida Statutes, and shall contain estimates of the cost of ~ operating and maintaining the Corporation, including the following items: 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 and adequate reserves for the replacement of Common Elements due to normal deterioration and may include the Property Owners' ~ Association assessment. - b. A breakdown showing the proposed assessment against each owner for the above expenses. _ Written notice of the Board Meeting when the budget is to be considered for adoption and a copy of the proposed budget shall be given to each Unit Owner not less than thirty (30) days prior to such meeting and such Board Meeting shall be open to the Unit Owners. If a budget is adopted by the Board of Directors which E requires assessment against the Unit Owners in any fiscal or calendar year exceeding 115$ of such assessments for the preceding ~ -9- P~6f ~ 1 t . ~ • .