Section 6.1 Accounts. The Association shall establish such accounts as the directors deem necessary to properly administer the Association and operate and maintain the Community. The treasurer shall be responsible for supervising the funds of the Association. Once the Association begins making Assessments, it shall keep at least two separate funds as described in this Article 6.

 

Section 6.2 Working Capital Account. The Association shall establish and keep a separate checking account to be known as the “Working Capital Account.” This account will be used for the normal administration of the Association and operation and maintenance of the Community and will receive all monthly Assessments, first purchasers’ initial working capital contributions to the Association, and other monies received by the Association. Checks shall be issued from this account for all management and operation expenditures necessary for the Community and maintenance expenses that do not require resorting to reserve funds. Reserve funds for the Replacement Reserve Account and any other reserve account that may be established will normally be deposited in the Working Capital Account and checks immediately issued to the other account so an overall account of the funds received and disbursed by the Association is centralized in the ledger of the Working Capital Account.

 

Section 6.3 Replacement Reserve Account. Once the Association begins making Assessments, it shall maintain a separate account or fund that shall be known as the “Replacement Reserve Account.” The treasurer shall deposit to this account all funds received for the future periodic maintenance, repair, and replacement of the Common Elements. The monies in this account may not be commingled with any other funds of the Association and may only be used for the purposes and in the manner set forth in the Declaration.

 

Section 6.4 Deposit or Investment of Funds. The funds of the Association may not be commingled with the funds of any other association or with the funds of any managing agent of the association or any other person, or be kept in any trust account or custodial account in the name of any trustee or custodian. Withdrawals of funds from the Replacement Reserve Account shall require the signature of at least two persons who are officers or directors of the Association.