§ 142-40. Finances.

Latest version.

Within subdivisions containing 20 or more lots, all funds associated with a property owners' association shall be maintained in interest-bearing escrow accounts approved by the property owners' association's Board of Directors. The treasurer of the property owners' association shall be bonded and shall be responsible for providing annual statements, preparing and submitting an annual budget and making financial recommendations to the Board of Directors.

                    
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