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5.3. The Vice President ahall exercise the powera and perform the dutiea
of the President in the absence or disability of the Preaident. He also ahall aeeae~ tho
President and exercise such other powere and perform such other dutiea ae shall be
prescribed by the directors .
5. 4, The Secretar,y will keep the minutes of all proceedings of the
directora and the membera . He will attend to the giving and serving of all notices
to the members and directors and other notices required by law . He will have cuetody
of the aeal of the Aasociation and aff'ix it to instruments requiring a seal when duly ~eigned.
He will keep the records of the Aesociation , except those of the Treaeurer . and will
perform all other dutiea incident to the ofCice of the Secretary of the Association and as
may be required by the directore or the Preaident.
5.5. The Treasurer shall have custody of all property of the Association,
including funds, securities and evidences of indebtedness. He ahall keep books of
account for the Association in accordance with good accounting practices, which,
together with substantiating papers , ahall be made available to the board of directora
for examination at reasonable times. He shall eubmit a treasurer's report to the board
of directors at reasonable intervals and shall perform all other dutiee incident to the
office of treasurer.
5.6. The com~ensation of all officers and employees of the Association
shall be fixed by the directora . The provision that directors' fees shall be determined
by members sh~all not preclude the board of directors from employing a director as an
employee of the Association nor preclude the oontracting witti a director for the manage-
ment of the condominium .
6 . FISCAL D~IANAGEMENT ,
The provisions for fiscal management of the Association set forth in the
Declaration of Co~dominium and Articles of Incorporation will be supplemented by
the following provisiona:
6.1. Accounts . The receipts and expenditures of the Association will
be credited and charged to accounts under the following classifications. as shall be
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
contingencies and working funda, 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 assessmenta for current expenae for the succeeding
year. _
(b) Reserve for deferred maintenance, which will include funds
for maintenance items that occur leas frequently than annual2y .
(c) Reserve for replacement, which will include funds for repair
or replacement required becauae of damage, depreciation or obsolescence.
(d) F3ettermenta, which will include the funds to be used for
capital'expenditures for additional improvementa or additional peraonal property
that will be part of the common elements .
6.2. Bud~et. The Board of Directors will adopt a budget for each
calendar y ear that will include the estimated funds required to defray the common
expense and to provide and maintain funds for the foregoing accounte and reservea
according to good acc~ounting practicea ae follows: ~
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