California Civil Code

§ 5515

CIV § 5515 Effective Jan 1, 2013Div. 4 · Part 5 · Ch. 7 · Art. 2

Statute text

(a)Notwithstanding Section 5510, the board may authorize the temporary transfer of moneys from a reserve fund to the association’s general operating fund to meet short-term cashflow requirements or other expenses, if the board has provided notice of the intent to consider the transfer in a board meeting notice provided pursuant to Section 4920.

(b)The notice shall include the reasons the transfer is needed, some of the options for repayment, and whether a special assessment may be considered.

(c)If the board authorizes the transfer, the board shall issue a written finding, recorded in the board’s minutes, explaining the reasons that the transfer is needed, and describing when and how the moneys will be repaid to the reserve fund.

…

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.