§421C-29  Annual report.  (a)  Every
association shall file with the director of commerce and consumer affairs an
annual report as prescribed by the director.  A copy of the report shall be
submitted to the members at their annual meeting, mailed to each member of the
association, or printed in an official publication of the association.



(b)  The annual report shall be filed within
the time periods prescribed in subsections (c) and (d).



(c)  Notwithstanding any other provision of
this chapter to the contrary, annual reports reflecting the period from January
1, 2002, through December 31, 2002, that would otherwise be required, may be
voluntarily filed with the department director if the annual report complies
with the requirements of this section.



(d)  Effective January 1, 2003, for every
association whose date of registration in this State falls between:



(1)  January 1 and March 31, the annual report shall
be filed on or before March 31 of each year and shall reflect the state of the
association's affairs as of January 1 of the year when filed;



(2)  April 1 and June 30, the annual report shall be
filed on or before June 30 of each year and shall reflect the state of the
association's affairs as of April 1 of the year when filed;



(3)  July 1 and September 30, the annual report shall
be filed on or before September 30 of each year and shall reflect the state of
the association's affairs as of July 1 of the year when filed; and



(4)  October 1 and December 31, the annual report
shall be filed on or before December 31 of each year and shall reflect the
state of the association's affairs as of October 1 of the year when filed;



provided that if an association is formed in the
same year in which the annual report is due, the association shall not be
required to file an annual report for that year.  Thereafter, the association
shall comply with the requirements of this section. [L 1982, c 97, pt of §2 and
c 204, §8; am L 1983, c 124, §17; am L 2002, c 130, §80]