Civ. Code Section 5520
Old Code: 1365.5(d)
New Code: 5520
Subject: Borrowing from reserves
(a) When the decision is made to use reserve funds or to temporarily transfer moneys from the reserve fund to pay for litigation pursuant to subdivision (b) of Section 5510, the association shall provide general notice pursuant to Section 4045 of that decision, and of the availability of an accounting of those expenses.
(b) Unless the governing documents impose more stringent standards, the association shall make an accounting of expenses related to the litigation on at least a quarterly basis. The accounting shall be made available for inspection by members of the association at the association's office.
Substantive Changes: General notice (Section 4045) is required for notice of borrowing from reserves.