§ 5520. — 5520. (Added by Stats. 2012, Ch. 180, Sec. 2.)

California § 5520.

• Jurisdiction: California
• Code CIV: Civil Code - CIV
• Div. 4.: DIVISION 4. GENERAL PROVISIONS
• Part 5.: PART 5. Common Interest Developments
• Ch. 7.: CHAPTER 7. Finances
• Art. 2.: ARTICLE 2. Use of Reserve Funds

Text

(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 Section 5510, the association shall provide general notice pursuant to Section 4045 of that decision, and of the availability of an accounting of those expenses.
(b)
Unless the governing documents impose more stringent standards, the
association shall make an accounting of expenses related to the litigation on at least a quarterly basis. The accounting shall be made available for inspection by members of the association at the association’s office.

Legislative History

Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.