There is a newer version of the North Carolina General Statutes
2009 North Carolina Code
Chapter 47C - North Carolina Condominium Act.
§ 47C-3-114. Surplus funds.
§ 47C‑3‑114. Surplus funds.
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provisions for common expenses and any prepayment of reserves must be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments. (1985 (Reg. Sess., 1986), c. 877, s. 1.)
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