5. HRSR 03-01-2010 - Laserfiche WebLink

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4.6 Voting Rg aster. The Secretary shall have available at the meeting a list of the Unit numbers, the names of the Owners, the vote attributable to each Unit and the name of the person. (in the case of multiple Owners) authorized to cast the vote. 4,7 A enda. The agenda for meetings of the Owners shah b6 established by the Board, consistent with the Governing Documents, and shall be sent to all Owners along with the notice of the meeting. SECTION 5 ANNUAL REPORT The Board shall prepare an annual report, a copy of which shall be provided to each Owner at or prior to the annual meeting. The report shall contain, at a minimum: 5.1 Ca ital Expenditures, , A statement of any capital expondltures in excess of two peroent of the Association's current budget or fiire thousand dollars, whichever is greater, approved by the Association for the c -arrent. year or succeeding two fiscal Fears. 5.2 Reserve Funds. A. statement of the balance in any reserve or replacement fund. 53 Financial Statements. A copy of the statement of revenues and expenses for the Assoclr'�. tion' S last fscal year, and a balance sheet as of the end of said seal year. 5A Liti atian and Judgments. A statement of the stags of any pending litigation. or . judgments to which the .Association: is a party. 5.5. Insurance. A detailed description of the insurance coverage. provided by the Association, M". a statement as to which, if any, of the items referred to in Section 515B.3- 113(b) of tie Act are covered. S. Status of Assessments, A. statement of the total past due Assessments on all units current as of not more than sixty days prior to the date of the meeting. SECTION 6 BOARD of DIRECTORS 6.1 Number and Qualifigation. • The affairs of the Assooiation shall be governed by a Board of • Direotors (the "Board "), The Board shall be composed of fire directors and consist of two classes of directors. One suet class shall consist of three directors who shall be elected by the Owners of the Residential Units (the "Residenti.al-Directors ") and the other class shall consist of two directors who shall be elected by the owners of the Commercial Units (the "Commercial Directors"). Each of the directors shall have the same rights and obligations, except as otherwise provided by the Goveming Documents. A. majority of the directors shall be Owners, or officers or employees of an Owner that is a legal entity rather than a natural- person. No two directors may be Owners of the same Unit, or affiliates of the same owner if the Owner is other than a natural person. CGS -word 2023 67.2 4