Sec. 47-260. Association records. Availability. Loan disclosure and comments.
Sec. 47-260. Association records. Availability. Loan disclosure and comments.
(a) The association shall keep financial records sufficiently detailed to enable the association to comply with section 47-270. All accounting, financial and other books and
records of the association, including, but not limited to, minutes of meetings and voting
records of the executive board, shall be made reasonably available by the executive
board or a managing agent of the association for examination and copying by any unit
owner, or the unit owner's authorized agent, upon the request of such unit owner or
agent.
(b) Notwithstanding any provision of the declaration or bylaws to the contrary, at
least fourteen days prior to entering into any loan agreement on behalf of the association,
the executive board shall (1) disclose in writing to all unit owners the amount and terms
of the loan and the estimated effect of such loan on any common expense assessment,
and (2) afford the unit owners a reasonable opportunity to submit written comments to
the executive board with respect to such loan.
(P.A. 83-474, S. 61, 96; P.A. 07-243, S. 7.)
History: P.A. 07-243 designated existing provisions as Subsec. (a) and amended same by adding provisions re accounting
records, books and minutes of meetings and voting records of the executive board, re records to be made available by the
board or a managing agent, re copying and re request of unit owner or agent and by making technical changes, and added
Subsec. (b) re loan disclosure and comments.