ARTICLE VII - BOOKS AND RECORDS

1. The Corporation shall keep an original and duplicate record of the proceedings of the members and the directors, the original and copies of its Bylaws, including all amendments thereto to date certified by the Secretary of the Corporation, and an original and a duplicate membership register, giving the names of the members and showing their respective addresses and the class and other details of the membership of each. The Corporation shall also keep appropriate, complete, and accurate books and records of account. The records provided for herein shall be kept at both the registered office of the Corporation in this Commonwealth, its principal place of business wherever situated, and off-site by the Secretary of the Corporation.

2. Every member shall have a right to examine the membership register, books and records of account, and records of the proceedings of the members and directors, in person or by agent or attorney, during the usual hours of business for any proper purpose according to the Inspection of Records Policy. A proper purpose shall mean a purpose reasonably related to the interest of such person as a member. In every instance where an attorney or other agent shall be the person who seeks the right to inspection, the Demand under Oath shall be accompanied by a Power of Attorney or such other writing, which authorizes the attorney or other agent to so act on behalf of the member. The Demand under Oath shall be directed to the Corporation at its registered office in this Commonwealth or at its principal place of business wherever situated, or to the Board of Directors.

3. A copy of the Bylaws, deed restrictions, and a list of the members of the Board of Directors in office at the time and any other informative material will be sent to all new property owners as they become known to the Association. This will be done by the Secretary or, at his/her direction, an agent of the Association.

4. A yearly Financial Review will be conducted by an outside firm or agency. These reviewers must not presently be members of the Board of Directors. This Financial Review should be conducted as of the end of a fiscal year or within ninety (90) days of the fiscal year. An Audit shall be undertaken only when circumstances warrant such as determined by the Board of Directors or by a petition of ten percent (10%) of the members in good standing.

Go to the previous page     Go to the Table of Contents     Go to the next page
 

Last updated 1/18/05