55-79.74:1 - Books, minutes and records; inspection
§ 55-79.74:1. Books, minutes and records; inspection.
A. The declarant, the managing agent, the unit owners' association, or theperson specified in the bylaws of the association shall keep detailed recordsof the receipts and expenditures affecting the operation and administrationof the condominium and specifying the maintenance and repair expenses of thecommon elements and any other expenses incurred by or on behalf of theassociation. Subject to the provisions of subsections B, C and D, uponrequest, any unit owner shall be provided a copy of such records and minutes.All financial books and records shall be kept in accordance with generallyaccepted accounting practices.
B. Subject to the provisions of subsection C, all books and records kept byor on behalf of the unit owners' association, including, but not limited to,the unit owners' association membership list, addresses and aggregate salaryinformation of unit owners' association employees, shall be available forexamination and copying by a unit owner in good standing or his authorizedagent so long as the request is for a proper purpose related to hismembership in the unit owners' association, and not for pecuniary gain orcommercial solicitation. This right of examination shall exist withoutreference to the duration of membership and may be exercised (i) only duringreasonable business hours or at a mutually convenient time and location and(ii) upon five days' written notice reasonably identifying the purpose forthe request and the specific books and records of the unit owners'association requested.
C. Books and records kept by or on behalf of a unit owners' association maybe withheld from examination or copying by unit owners and contractpurchasers to the extent that they are drafts not yet incorporated into theunit owners' association's books and records or if such books and recordsconcern:
1. Personnel matters relating to specific, identified persons or a person'smedical records;
2. Contracts, leases, and other commercial transactions to purchase orprovide goods or services, currently in or under negotiation;
3. Pending or probable litigation. Probable litigation means those instanceswhere there has been a specific threat of litigation from a party or thelegal counsel of a party;
4. Matters involving state or local administrative or other formalproceedings before a government tribunal for enforcement of the condominiuminstruments or rules and regulations promulgated pursuant to § 55-513;
5. Communications with legal counsel which relates to subdivisions 1 through4 or which is protected by the attorney-client privilege or the attorney workproduct doctrine;
6. Disclosure of information in violation of law;
7. Meeting minutes or other confidential records of an executive session ofthe executive organ held pursuant to subsection C of § 55-79.75;
8. Documentation, correspondence or management or executive organ reportscompiled for or on behalf of the unit owners' association or the executiveorgan by its agents or committees for consideration by the executive organ inexecutive session; or
9. Individual unit owner or member files, other than those of the requestingunit owner, including any individual unit owner's files kept by or on behalfof the unit owners' association.
D. Prior to providing copies of any books and records, the unit owners'association may impose and collect a charge, reflecting the reasonable costsof materials and labor, not to exceed the actual costs thereof.
(1980, c. 738; 1985, c. 75; 1989, c. 57; 1990, c. 662; 1992, c. 72; 1994, c.463; 1999, c. 594; 2000, cc. 906, 919; 2001, c. 419.)