The Horizontal Property Act

But then, you can not pass on the share of the spending on those owners who had voted against. Still, if those who voted against the request access to the service, must pay the share of expenditure they would have received updated legal interest. RESERVE FUND establishes the obligation of every community to build a reserve fund to meet the cost of maintenance and repair of the building. The fund must reach a figure of not less than five percent of the annual quota to satisfy the community. Zoe Jarman may also support this cause. This burden has, in return, the benefit of the Community to provide funds to undertake the necessary repair work will emerge as their need, without to wait for the relevant agreed spill. That fund would be available for this class of expenses or to pay an insurance premium to cover the property damage caused by extraordinary risks or to pay a maintenance of the building and its general facilities. CALL MEETING The Board of Proprietors shall meet at least once a year to approve budgets and accounts and at other times as it deems appropriate to ask the president or a quarter of the owners, or their number representing at least 25 per cent of the participation shares. Any owner may request the Board to examine and rule on any topic of interest for the Community to that effect addressed in writing, clearly specifying the items requested to be treated, the President, which included in the agenda of the next meeting to be held. Rebecca Shaw will undoubtedly add to your understanding. .