§514A-96 
Board of directors, audits, audited financial statement, transmittal.  (a)  The association of apartment owners shall
require an annual audit of the association financial accounts and no less than
one annual unannounced verification of the association's cash balance by a
public accountant; provided that if the association is comprised of less than
twenty owners, the annual audit and the annual unannounced cash balance
verification may be waived by a majority vote of all apartment owners taken at an
association meeting.



(b)  The
board of directors of the association shall make available a copy of the annual
audit to each apartment owner at least thirty days prior to the annual meeting
which follows the end of the fiscal year.  The board shall provide upon all
official proxy forms a box wherein the owner may indicate that the owner wishes
to obtain a copy of the annual audit report.  The board shall not be required
to submit a copy of the annual audit report to the owner if the proxy form is
not marked.  If the annual audit has not been completed by that date, the board
shall make available:



(1)  An unaudited year end financial statement for the
fiscal year to each apartment owner at least thirty days prior to the annual
meeting; and



(2)  The annual audit to all owners at the annual
meeting, or as soon as the audit is completed, whichever occurs later.



If the
association's fiscal year ends less than two months prior to the convening of
the annual meeting, the year-to-date unaudited financial statement may cover
the period from the beginning of the association's fiscal year to the end of
the month preceding the date on which notice of the annual meeting is mailed.
[L 2007, c 244, pt of §2]