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

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

(c)  Notwithstanding any other provision ofthis chapter to the contrary, annual reports reflecting the period from January1, 2002, through December 31, 2002, that would otherwise be required, may bevoluntarily filed with the department director if the annual report complieswith the requirements of this section.

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

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

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

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

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

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