2005 Minnesota Statutes - 515B.3-106 — Bylaws; annual report.

     515B.3-106 Bylaws; annual report. 


    (a) A common interest community shall have bylaws which 
 comply with this chapter and the statute under which the 
 association is incorporated.  The bylaws and any amendments may 
 be recorded, but need not be recorded to be effective unless so 
 provided in the bylaws. 


    (b) The bylaws shall provide that, in addition to any 
 statutory requirements: 


    (1) A meeting of the members shall be held at least once 
 each year, and a specified officer of the association shall give 
 notice of the meeting as provided in section 515B.3-108. 


    (2) An annual report shall be prepared by the association 
 and a copy of the report shall be provided to each unit owner at 
 or prior to the annual meeting. 


    (c) The annual report shall contain at a minimum: 


    (1) a statement of any capital expenditures in excess of 
 two percent of the current budget or $5,000, whichever is 
 greater, approved by the association for the current fiscal year 
 or succeeding two fiscal years; 


    (2) a statement of the balance in any reserve or 
 replacement fund; 


    (3) a copy of the statement of revenues and expenses for 
 the association's last fiscal year, and a balance sheet as of 
 the end of said fiscal year; 


    (4) a statement of the status of any pending litigation or 
 judgments to which the association is a party; 


    (5) a detailed description of the insurance coverage 
 provided by the association including a statement as to which, 
 if any, of the items referred to in section 515B.3-113, 
 subsection (b), are insured by the association; and 


    (6) a statement of the total past due assessments on all 
 units, current as of not more than 60 days prior to the date of 
 the meeting. 


    HIST: 1993 c 222 art 3 s 6; 1999 c 11 art 2 s 19; 2005 c 121 s 
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