California Codes, Civil Code - CIV, Division 4 — General Provisions, Part 5 — Common Interest Developments, Chapter 7 — Finances, Article 2 — Use of Reserve Funds, Section 5520
(a) When the decision is made to use reserve funds or to temporarily transfer moneys from the reserve fund to pay for litigation pursuant to subdivision (b) of Section 5510, the association shall provide general notice pursuant to Section 4045 of that decision, and of the availability of an accounting of those expenses.
(b) Unless the governing documents impose more stringent standards, the association shall make an accounting of expenses related to the litigation on at least a quarterly basis. The accounting shall be made available for inspection by members of the association at the association’s office.
Notes
Requires an association deciding to use or temporarily transfer reserve funds for specified litigation to give general notice of that decision and the availability of an expense accounting. Unless governing documents impose stricter standards, the association must prepare the litigation-expense accounting at least quarterly and make it available for member inspection at the association's office.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 5520 | https://laws.lexinter.net/codes/california/civil-code/division-4/part-5/chapter-7/article-2/section-5520