California Codes, Civil Code - CIV, Division 4 — General Provisions, Part 5 — Common Interest Developments, Chapter 7 — Finances, Article 1 — Accounting, Section 5501
The review requirements of Section 5500 may be met when every individual member of the board, or a subcommittee of the board consisting of the treasurer and at least one other board member, reviews the documents and statements described in Section 5500 independent of a board meeting, so long as the review is ratified at the board meeting subsequent to the review and that ratification is reflected in the minutes of that meeting.
Notes
Allows the referenced document-review requirements to be satisfied outside a board meeting when every board member, or a subcommittee consisting of the treasurer and at least one other board member, conducts the review. The board must ratify that review at the next board meeting, and the ratification must appear in that meeting's minutes.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 5501 | https://laws.lexinter.net/codes/california/civil-code/division-4/part-5/chapter-7/article-1/section-5501