BamaJ (Alabama)
Posts: 117
Posts: 117
Posted:
The following is an excerpt of our HOA bylaws...
The Association SHALL make available to unit owners, lenders and the holders, insurers and guarantors of the first mortgage on any unit, current copies of the Declaration of Condominium, By-Laws and other rules and regulations governing the condominium, and other books, records and financial statements of the Association (to include a financial statement for the immediately preceding fiscal year).
Current copies of the Declaration, By-Laws and other rules and regulations shall be available to prospective purchasers of units. "Available" shall mean available for inspection at a reasonable time, upon request upon an officer of the Association under reasonable circumstances.
QUESTION 1: Is SHALL the same as MUST?
QUESTION 2: If furnishing financial statements, books/records (minutes) is REQUIRED by "SHALL", how can the HOA board legally refuse?
The Association SHALL make available to unit owners, lenders and the holders, insurers and guarantors of the first mortgage on any unit, current copies of the Declaration of Condominium, By-Laws and other rules and regulations governing the condominium, and other books, records and financial statements of the Association (to include a financial statement for the immediately preceding fiscal year).
Current copies of the Declaration, By-Laws and other rules and regulations shall be available to prospective purchasers of units. "Available" shall mean available for inspection at a reasonable time, upon request upon an officer of the Association under reasonable circumstances.
QUESTION 1: Is SHALL the same as MUST?
QUESTION 2: If furnishing financial statements, books/records (minutes) is REQUIRED by "SHALL", how can the HOA board legally refuse?