|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 5520 - Using Reserve Funds for Litigation
(a) When the decision is made to use reserve funds or to temporarily transfer moneys from the reserve fund to pay for litigation pursuant to subdivision (b) of Section 5510, the association shall provide general notice pursuant to Section 4045 of that decision, and of the availability of an accounting of those expenses.
(b) Unless the governing documents impose more stringent standards, the association shall make an accounting of expenses related to the litigation on at least a quarterly basis. The accounting shall be made available for inspection by members of the association at the association's office.
This section is referenced in Section 5200
Prior Law: Old CID Section 1365.5(d)
Amended: Statutes of 2012, Chapter 180
Similar to CI-CID: None