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5.3. The Vice President shall exerdse the powers and perform the duties ~
of the President in the absence or disability of the President . He also shall assist the
President and exerdse such other powers and perform such other duties as shall be ~
prescribed by the directors .
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- 5.4. The Secre will keep the minutes of all proceedings of the
directors and the members . He wiII 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. i
He will keep the records of the Assodation, except those of the Treasurer, and will
perform all other duties incident to the office of the Secretary of the Association and as
may be required by the directors or the President .
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5.5. The Treasurer shall have custody of all property of the Association,
including fiends , securities and evidences of indebtedness . 8e shall keep books of !
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account for the Assodation in accordance with good accounting practices, which,
together with substantiating papers , shall be made available to the board of directors
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for examination at reasonable times . He shall submit a treasurer's report to the board E
of directors at reasonable intervals and shall perform all other duties inddent to the
office of .treasurer .
5.6 . 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 Association nor preclude the contracting with a director for the manage-
ment of the condominium .
6 . FLSCAL MANAGEMENT .
The provisions for fiscal management of the Association set forth in the
Declaration of Condominium and Articles of Incorporation will be supplemented by
the following. provisions:
6.1. Accounts . The receipts and expenditures of the Association will
be credited 'and charged to accounts under the following classifications, as shall be
j appropriate, all of which expenditures will be common expenses:
(a) Current expense, which will include all receipts and expenditures
` within the year for which the budget is made including a reasonable allowance for
contingendes 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
year.
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~ (b) Reserve for deferred maintenance, which will include funds
for maintenance items that occur leas frequently than annually . i-
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(c) Reserve for replacement, which will include finds for repair {
or replacement required because of damage, depreciation or obsolescence. i
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(d) Betterments, which will include the funds to be used for ,
E capital expenditures for additional improvements or additional personal property ~
' that will be part of the common elements .
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6.2. Bud et. The Board of Directors will adopt a budget for each
calendar year that will include the estimated funds required to defray the common
~ expense and to provide and maintain fiends for the foregoing accounts and reserves
according to good accounting practices as follows: (
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