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the same to instruments requiring such seal when duly authorized
and directed by the Board to do so. He shall keen the records
of the Condominium Association, exceat those of the Treasurer,
and shall perform all of the duties incident to the office of
Secretary of the Condominiu~ Association as mav be re~uired
by the Board or the President ' ~
6.5 Tl:e Treasurer shall have custodv of a21 of
the properCy of the Condominiur~ Association. including funds,
securities and evidences of indebtedness. He shall keep the
Assessment rolls and accounts of the Members; he shall keep
the books or the Condominium Assoc:iation in accordance with
good accountin~ practices; and he shall perfor~; all of the duties
incident to the office of a Treasurer.
6.6 Officers of the Condominium Association shall
not receive a~ny compensation by virtue of their service as
officers. _
SECTION 7. ACCOUJTING RECORDS : F'ISCAL MAPIAGEr~VT
7.1 The Condominium Association shall maintain
accountinQ recor~s in accordance with good accountiny oractices
which shall be open to inspection by Members or their authorized
representatives at reasonable times. Such authorization as a
representative of a Member must be in writing and be si~ned
by the Member givinR suct- authorization and dated within sixty
(60) days of t?~e date of such inspection. Written summaries of
the accounting records shall be supplied at least annuall;
to the Members. Such records shall include: (a) a record of all
receipts and expenditure~, and (b) an account for each
~:ember whicn shall designate the na~e of the ;aer~aber, the ar~ount
of each Assess~ent charged to ~he ~:e~~ber, the ar~:ounts and due datc~~
for each Assessment, the arr.ounts paid upon sucn account anc? t}:e
halance due.
7.2 (a) :he Board o~ Directo:s shall adopt a bu.:~er
of the Cor,unon Expenses of the Condominium Association for each
torthcoming fiscal year (the "Budget") at a special meetin~ of
the Board of Directors ("Bud~et Meeting") called for that purpose
to be held duriiig the first two weeks of Decemeber of each y~ar
cortmencing in 1978. Prior [o the Bud~et Meeting, a proposed
Bud~et shall be prepared by or on behalf of the Board, wtiich
Budget shall include, but not be limited to, the following items
of expenses:
EXHIBIT C Page 8 of 12 pages
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