|Chapter: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |||Association Governance|
|Article: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |||Record Inspection|
|Section: 5200 | 5205 | 5210 | 5215 | 5220 | 5225 | 5230 | 5235 | 5240 ||
Section 5240 - Application of Article
(a) As applied to an association and its members, the provisions of this article are intended to supersede the provisions of Sections 8330 and 8333 of the Corporations Code to the extent those sections are inconsistent.
(b) Except as provided in subdivision (a), members of the association shall have access to association records, including accounting books and records and membership lists, in accordance with Article 3 (commencing with Section 8330) of Chapter 13 of Part 3 of Division 2 of Title 1 of the Corporations Code.
(c) This article applies to any community service organization or similar entity that is related to the association, and to any nonprofit entity that provides services to a common interest development under a declaration of trust. This article shall operate to give a member of the organization or entity a right to inspect and copy the records of that organization or entity equivalent to that granted to association members by this article.
(d) This article shall not apply to any common interest development in which separate interests are being offered for sale by a subdivider under the authority of a public report issued by the *Bureau of Real Estate so long as the subdivider or all subdividers offering those separate interests for sale, or any employees of those subdividers or any other person who receives direct or indirect compensation from any of those subdividers, comprise a majority of the directors. Notwithstanding the foregoing, this article shall apply to that common interest development no later than 10 years after the close of escrow for the first sale of a separate interest to a member of the general public pursuant to the public report issued for the first phase of the development.
Prior Law: Old CID Sections 1365.2(g),(l),(m)&1363(e)
Amended: Statutes of 2012, Chapter 180 and Statutes of 2013, Chapter 352
*Statutes of 2017, Chapter 828 (Section 8), added Business and Professions Code Section 10005(b) which provides: "Whenever the terms 'Bureau of Real Estate,' 'State Real Estate Division,' or 'Real Estate Division are used in any other law, they mean the Department of Real Estate."
Similar to CI-CID: None