Sec. 2602.207. ACCOUNTING; REPORTS; REFUND. (a) The association shall adopt accounting procedures to show how money received from assessments or partial assessments is used.
(b) The association shall make interim accounting reports as the commissioner requires.
(c) The association shall make a final report to the commissioner showing how money received from assessments or partial assessments has been used, including a statement of any final balance of that money. As soon as practicable after completion of the final report, the association shall refund the remaining balance to the holders of participation receipts as required by Section 2602.206(b).
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
Section: Previous 2602.154 2602.201 2602.202 2602.203 2602.204 2602.205 2602.206 2602.207 2602.208 2602.209 2602.210 2602.251 2602.252 2602.253 2602.254 NextLast modified: September 28, 2016