California Codes, Civil Code - CIV, Division 4 — General Provisions, Part 5 — Common Interest Developments, Chapter 7 — Finances, Article 1 — Accounting, Section 5502

(a) Notwithstanding any other law, transfers shall not be authorized from the association’s reserve or operating accounts without prior written approval from the board of the association unless the amount of the transfer is less than the following:

(1) The lesser of five thousand dollars ($5,000) or 5 percent of the estimated income in the annual operating budget, for associations with 50 or less separate interests.

(2) The lesser of ten thousand dollars ($10,000) or 5 percent of the estimated income in the annual operating budget, for associations with 51 or more separate interests.

(b) This section applies in addition to any other applicable requirements of this part.

Notes

Requires prior written board approval for transfers from association reserve or operating accounts unless the transfer is below the lesser of $5,000 or 5% of estimated annual operating income for 50 or fewer separate interests, or below the lesser of $10,000 or 5% for 51 or more interests. The rule applies in addition to other requirements.

Use as reference

Lexinter.net | California Code, Civil Code - CIV § 5502 | https://laws.lexinter.net/codes/california/civil-code/division-4/part-5/chapter-7/article-1/section-5502

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