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Common Interest Development Act

Chapter 7. Finances

Article 1. Accounting

§ 5502 Board Authorization of Financial Transfers.

Notwithstanding any other law, transfers of greater than ten thousand dollars ($10,000) or 5 percent of an association's total combined reserve and operating account deposits, whichever is lower, shall not be authorized from the association's reserve or operating accounts without prior written board approval. This section applies in addition to any other applicable requirements of this part.