Note
This part, referenced as repealed in the main volume, was reenacted by L 2007, c 244, pt of §2. Source notes for the sections in this part begin with L 2007, c 244.
Cross References
Association documents to be provided, see §514B-154.5.
§514A-96 Board of directors, audits, audited financial statement, transmittal. (a) The association of apartment owners shall require an annual audit of the association financial accounts and no less than one annual unannounced verification of the association's cash balance by a public accountant; provided that if the association is comprised of less than twenty owners, the annual audit and the annual unannounced cash balance verification may be waived by a majority vote of all apartment owners taken at an association meeting.
(b) The board of directors of the association shall make available a copy of the annual audit to each apartment owner at least thirty days prior to the annual meeting which follows the end of the fiscal year. The board shall provide upon all official proxy forms a box wherein the owner may indicate that the owner wishes to obtain a copy of the annual audit report. The board shall not be required to submit a copy of the annual audit report to the owner if the proxy form is not marked. If the annual audit has not been completed by that date, the board shall make available:
(1) An unaudited year end financial statement for the fiscal year to each apartment owner at least thirty days prior to the annual meeting; and
(2) The annual audit to all owners at the annual meeting, or as soon as the audit is completed, whichever occurs later.
If the association's fiscal year ends less than two months prior to the convening of the annual meeting, the year-to-date unaudited financial statement may cover the period from the beginning of the association's fiscal year to the end of the month preceding the date on which notice of the annual meeting is mailed. [L 2007, c 244, pt of §2]
Section: Previous 514a-92.5 514a-93 514a-93.3 514a-93.5 514a-94 514a-95 514a-95.1 514a-96 514a-97 514a-98 514a-99 514a-101 514a-102 514a-103 514a-104 NextLast modified: October 27, 2016