Dividends & Finances and Fiscal Year
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10 Dividends and Finance:
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10.1 Dividends:
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| No dividends may be declared by the Board of Directors and none paid by the Association from any source.
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10.2 Reserves:
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| Before making any expenditures, there may be
set aside out of the funds of the Association such sum or sums as
the directors from time to time in their absolute discretion deem
expedient as a reserve fund to meet contingencies, or for
maintaining any property of the Association, or for any other
purpose, and any funds of any year not spent shall be deemed to
have been thus set apart until otherwise disposed of by the Board
of Directors. |
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11 Fiscal Year:
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| The fiscal year of the Association shall be as set by the
Board of Directors. |