|Chapter: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |||Finances|
|Article: 1 | 2 | 3 |||Accounting|
|Section: 5500 | 5501 | 5502 ||
Section 5502 - Board Approval of Large Fund Transfers (changes in orange effective 1/1/20) (changes in green effective 1/1/22)
(a)Notwithstanding any other law, transfers of greater than ten thousand dollars ($10,000) or 5 percent of an association’s total combined reserve and operating account deposits, whichever is lower, shall not be authorized from the association’s reserve or operating accounts without prior written board approval. approval from the board of the association unless the amount of the transfer is less than the following:
(1) The lesser of five thousand dollars ($5,000) or 5 percent of the estimated income in the annual operating budget, for associations with 50 or less separate interests.
(2) The lesser of ten thousand dollars ($10,000) or 5 percent of the estimated income in the annual operating budget, for associations with 51 or more separate interests.
(b)This section shall apply applies in addition to any other applicable requirements of this part.
This section is referenced in Section: None
First Enacted: Old CID Section: None
First Enacted: Statutes of 2018, Chapter 396
Amended: Statutes of 2019, Chapter 497 (Section 31);Statutes of 2021, Chapter 270
Similar to CI-CID: None