Civ. Code Section 5320

Old Code: 1365(d)

New Code: 5320

Subject: Summary of Annual Budget Report or Annual Policy Statement

(a) When a report is prepared pursuant to Section 5300 or 5310, the association shall deliver one of the following documents to all members, by individual delivery pursuant to Section 4040:

(1) The full report.

(2) A summary of the report. The summary shall include a general description of the content of the report. Instructions on how to request a complete copy of the report at no cost to the member shall be printed in at least 10-point boldface type on the first page of the summary.

(b) Notwithstanding subdivision (a), if a member has requested to receive all reports in full, the association shall deliver the full report to that member, rather than a summary of the report.

Substantive Changes: Section 5300 describes the Annual Budget Report, and Section 5310 describes the Annual Policy Statement. Summaries of either of these documents may be distributed to members unless a member has requested to receive all reports in full. Note that individual delivery of these documents is required (Section 4040), and a member may also request delivery to a secondary address with respect to these documents.