(1) The board of directors at least annually shall adopt a budget for the association of unit owners.
(2) The budget shall include moneys required to be allocated to the reserve account under ORS 100.175.
(3) Within 30 days after adopting the annual budget for the association, the board of directors shall provide a summary of the budget to all owners.
(4) If the board of directors fails to adopt an annual budget, the last adopted budget shall continue in effect. [1999 c.677 §58; 2007 c.409 §26a]
Note: 100.412 was added to and made a part of ORS chapter 100 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
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