|Chapter: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |||Finances|
|Article: 1 | 2 | 3 |||Use of Reserve Funds|
|Section: 5510 | 5515 | 5520 ||
Section 5510 - Expenditure of Reserve Funds
(a) The signatures of at least two persons, who shall be directors, or one officer who is not a director and one who is a director, shall be required for the withdrawal of moneys from the association's reserve accounts.
(b) The board shall not expend funds designated as reserve funds for any purpose other than the repair, restoration, replacement, or maintenance of, or litigation involving the repair, restoration, replacement, or maintenance of, major components that the association is obligated to repair, restore, replace, or maintain and for which the reserve fund was established.
Note: this Section does not expressly require a check to be signed by two persons; rather, it requires that an authorization be signed by two eligible persons.
Prior Law: Old CID Section 1365.5(b)
Amended: Statutes of 2012, Chapter 180
Similar to CI-CID: None