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Florida Administrative Code (Last Updated: April 18, 2024) |
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61. Department of Business and Professional Regulation |
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61B. Division of Florida Condominiums, Timeshares and Mobile Homes |
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61B-40. Timeshare Accounting And Financial Reporting Requirements Scope; Books And Financial Records; Budgets; Guarantees; Reserves; Financial Reporting |
1For condominium timeshare plans any vote to waive or reduce the funding of reserves required by Section 18718.112(2)(f)2. 19or 20721.07(5)21(22t23), F.S., shall be effective for only one annual budget. In a multi-condominium association no waiver or reduction of the funding of reserves shall be effective as to a particular condominium unless:
55(56157) Conducted at a duly called meeting of the association;
67(68269) The same percentage of voting interests of the condominium as is otherwi82s83e required for a quorum of the association is present, or represented by proxy; and
98(993100) A majority of those voting interests in that condominium that are present, or represented by proxy, vote to waive or reduce the funding of reserves.
126Rulemaking 127Authority 128718.501(1)(f), 129721.03(2), 130721.26(6) FS. 132Law Implemented 134718.112(2)(f), 135721.03(3), 136721.07(5)137(138t139) FS. Histo142ry–New 2-5-96, Amended 12-18-01, 1-12-10.
