CHAPTER 7. Finances [5500. - 5580.]

Chapter 7 added by Stats. 2012, Ch. 180, Sec. 2.

§§ 5500–5580 · 12 sections

1. ARTICLE 1. Accounting §§ 5500–5502 · 3 sections

   • § 5500 Unless the governing documents impose more stringent standards, the board shall do all of the following: (a) Review, on a monthly basis, a current…
   • § 5501 The review requirements of Section 5500 may be met when every individual member of the board, or a subcommittee of the board consisting of the treasurer and at…
   • § 5502 (a) Notwithstanding any other law, transfers shall not be authorized from the association’s reserve or operating accounts without prior written approval from…
2. ARTICLE 2. Use of Reserve Funds §§ 5510–5520 · 3 sections

   • § 5510 (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…
   • § 5515 (a) Notwithstanding Section 5510, the board may authorize the temporary transfer of moneys from a reserve fund to the association’s general operating fund to…
   • § 5520 (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…
3. ARTICLE 3. Reserve Planning §§ 5550–5580 · 6 sections

   • § 5550 (a) At least once every three years, the board shall cause to be conducted a reasonably competent and diligent visual inspection of the accessible areas of the…
   • § 5551 (a) For purposes of this section, the following definitions apply: (1) “Associated waterproofing systems” include flashings, membranes, coatings, and sealants…
   • § 5560 (a) The reserve funding plan required by Section 5550 shall include a schedule of the date and amount of any change in regular or special assessments that…
   • § 5565 The summary of the association’s reserves required by paragraph (2) of subdivision (b) of Section 5300 shall be based on the most recent review or study…
   • § 5570 (a) The disclosures required by this article with regard to an association or a property shall be summarized on the following form: Assessment and Reserve…
   • § 5580 (a) Unless the governing documents impose more stringent standards, any community service organization whose funding from the association or its members…