BYLAWS 
ARTICLE VI
FISCAL MANAGEMENT

SECTION 1. Common Receipts. The Board shall have the duty to collect from each Unit Owner, his, her, or their heirs, administrators, successors and assigns, as “Common Receipts,” the proportionate part of the Common Expenses assessed against such Unit Owner as provided in the Master Deed, the Certificate of Incorporation, these Bylaws, and in accordance with applicable law.
SECTION 2. Determination of Common Expenses. The amount of monies for Common Expenses deemed necessary by the Board and the manner of expenditure thereof, including but not limited to the allocation thereof, shall be a matter for the sole discretion of the Board.
SECTION 3. Disbursements. The Board shall take and hold the funds as collected and
shall disburse the same for the purposes and in the manner set forth herein and as required by the Master Deed, Certificate of Incorporation, and applicable law.
SECTION 4. Depositories. The depository of the Association shall be such a bank or
banks as shall be designated from time to time by the Board and in which the monies of the Association shall be deposited. Withdrawal of monies from such accounts shall be only by checks signed by such parties as are authorized by the Board, provided that a management agreement may include among its provisions the authority for the manager to sign checks on behalf of the Association for payment of the obligations of the Association if the proper fidelity bond is
furnished to the Association.
SECTION 5. Accounts. The receipts and expenditures of the Association shall be
common charges and Common Expenses, respectively, and shall be credited and charged to accounts under the following classifications as the Board shall deem appropriate, all of which expenditures shall be Common Expenses.