Ca_Law

statute | California

Civil Code - CIV - CIV § 5502

  • UIDca_leginfo_codes:civ-5502
  • CitationCivil Code - CIV - CIV § 5502
  • Court / bodyCalifornia Legislative Counsel
  • Decision dateN/A
  • CollectionPUBINFO_2025
  • SourceOriginal

Summary

(a) Notwithstanding any other law, transfers shall not be authorized from the association’s reserve or operating accounts without prior written approval from the board of the association unless the amount of the transfer is less than the following: (1) The lesser of five thousand

Text

(a)
Notwithstanding any other law, transfers shall not be authorized from the association’s reserve or operating accounts without prior written approval from the board of the association unless the amount of the transfer is less than the following:
(1)
The lesser of five thousand dollars ($5,000) or 5 percent of the estimated income in the annual operating budget, for associations with 50 or less separate interests.
(2)
The lesser of ten thousand
dollars ($10,000) or 5 percent of the estimated income in the annual operating budget, for associations with 51 or more separate interests.
(b)
This section applies in addition to any other applicable requirements of this part.

Retrieval chunks

  • #1 | Civil Code - CIV - CIV § 5502

    (a) Notwithstanding any other law, transfers shall not be authorized from the association’s reserve or operating accounts without prior written approval from the board of the association unless the amount of the transfer is less than the following: (1) The lesser of five thousand dollars ($5,000) or 5 percent of th…