Florida Regulations 61B-40.0062: Waiver of Reserves
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For condominium timeshare plans any vote to waive or reduce the funding of reserves required by Section 718.112(2)(f)2. or 721.07(5)(t), F.S., shall be effective for only one annual budget. In a multi-condominium association no waiver or reduction of the funding of reserves shall be effective as to a particular condominium unless:
(1) Conducted at a duly called meeting of the association;
(2) The same percentage of voting interests of the condominium as is otherwise required for a quorum of the association is present, or represented by proxy; and
(3) A majority of those voting interests in that condominium that are present, or represented by proxy, vote to waive or reduce the funding of reserves.
Rulemaking Authority 718.501(1)(f), 721.03(2), 721.26(6) FS. Law Implemented 718.112(2)(f), 721.03(3), 721.07(5)(t) FS. History-New 2-5-96, Amended 12-18-01, 1-12-10.
Terms Used In Florida Regulations 61B-40.0062
- Quorum: The number of legislators that must be present to do business.
(2) The same percentage of voting interests of the condominium as is otherwise required for a quorum of the association is present, or represented by proxy; and
(3) A majority of those voting interests in that condominium that are present, or represented by proxy, vote to waive or reduce the funding of reserves.
Rulemaking Authority 718.501(1)(f), 721.03(2), 721.26(6) FS. Law Implemented 718.112(2)(f), 721.03(3), 721.07(5)(t) FS. History-New 2-5-96, Amended 12-18-01, 1-12-10.