HomeMy WebLinkAbout0544 Section 3. Address; 'Phe ~~ddress fc,r notice to the
Association is TAltf'Ot] I3AY YACHT CLUB COt11~h1It1IUM I; 11S5OCIATIOtI,
IPIC., Tarpon I3ay Yacht Club, 3100 Pruitt Road, Port St. Lucie, t
Florida.
Alt`I'I(:[,1: VIII
F I NAIIC[::i
Section t'iscal Year: The fiscal year of the Association
shall be the calendar year, commencing .lanuary 1 of each year,
provided, however, that the Eioard of Directors is authorized to
change to a different fiscal year at such time as the Board deems
advisable.
Section 'l. c'i~ec};s: All checks or demands for money and
notes of the Association shall be signed by any one of the
following officers: President, Secretary or Treasurer, or by such
office r(s) or such other person(s) as the Board of Directors may
from time to time designate.
Section 3. Depositories: The funds of the Association
shall be deposited in a bank(s) in St. Lucie County, Florida, in
an account for the Association under resoluti~rts approved by ttie
IIoard of Directors, and shall be withdrawn only over the signature
of the Treasurer, the President or the Vice President, or such
other person(s) a.. the I3c~ard may authorize. The F3oard may require
more than one si~lnat~_tre on checks and tank drafts. Said funds
shall be used onlt for Association purposes. If necessary, and if
demanded by Institutional t~tortyayces, separate accounts shall be
established to maintain and disburse escrow funds required by
Institutional t-tortyagees to meet mortgage requirements as to
establishment of escrows for real estate taxes and insurance
respecting condominium parcels.
Section 4. Inspections and Records: `Phe Association shall
maintain good accc?unting records. All such records and any legal
documents, policies of insurance, and books of the Association
shall be open to insl,~~ction at reasonat~le tiric's by members, their
authorized representatives, and all Institutional Flortyagees.
Upon request, Institutional ~lortyayees shall have the right to
~ receive an unar.tclitecl financial statement of tite Association within
ninety (90) days following the end of the fiscal year.
Section 5. f+nnual SF atement: The [3oard of Directors shall
present at each annual meeting a full and clear statement of the
business and condition of the Association.
Section 6. Insurance: The Association shall procure,
~ maintain and keep in full force and effect, all. insurance reyuired
by and in accordance with the Declaration of Condominium.
Section 7. F'idclity f;onds: Fidelity I~c~nds m~-ty be reyuired
~ by the Board of Directors from all officers anti employees of the
Association and from .-tny contractor handlinc3 or reshonsiblc for
t+ssociation funds. 'Phe premiums for such bonds shall be paid by
the Association as a common expense. '
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~ Section 8. ~+:;sCiSiilE'nts:
I
~ ~ (a) '1'h~~ 13~>~~r~i r.,f Directors hay; th~~ ix~wcr t(1 and shall
f r~,Tn t i r;,~, tc~ time fix and detc~rm i nc• the amount
s nec-cssary to pay the crnnmc,n exl~~_~nses of the
Condominium. Common expenses include those
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