Maine Statutes
§ 33 §1603-114 — Surplus funds
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves must be paid to the unit owners in proportion to their common expense liability or credited to them to reduce their future common expense assessments.
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Maine § 33 §1603-114 (Surplus funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
PL 1981, c. 699 (NEW).
Nearby Sections
15
§ 33 §1603-101
Organization of unit owners' association§ 33 §1603-102
Powers of unit owners' association§ 33 §1603-103
Executive board members and officers; declarant control§ 33 §1603-104
Transfer of special declarant rights§ 33 §1603-105
Termination of contracts and leases of declarant§ 33 §1603-106
Bylaws§ 33 §1603-107
Upkeep of the condominium§ 33 §1603-108
Meetings§ 33 §1603-109
Quorums§ 33 §1603-110
Voting; proxies§ 33 §1603-111
Tort and contract liability§ 33 §1603-112
Alienation of common elements§ 33 §1603-113
Insurance§ 33 §1603-114
Surplus funds§ 33 §1603-115
Assessments for common expenses