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1 Condominium Act; Adoption of Budgets and Special Assessments. Amend RSA 356-B:40-c, I to read as follows:
I. The board of directors, at least annually, shall adopt a proposed budget for the unit owners' association for consideration by the unit owners. Not later than 30 days after adoption of a proposed budget, the board of directors shall provide to all the unit owners a summary of the budget, including any reserves, and a statement of the basis on which any reserves are calculated and funded. Simultaneously, the board shall set a date not less than 10 days or more than 60 days after providing the summary for a meeting of the unit owners to consider ratification of the budget. Unless at that meeting 2/3 with at least 1/2 of all unit owners present for the meeting or by proxy, or any larger number specified in the declaration or bylaws, the unit owners or their proxies reject the budget by a majority vote, the budget is ratified, whether or not a quorum is present. If a proposed budget is rejected, the budget last ratified by the unit owners continues until the unit owners ratify a subsequent budget.
2 Effective Date. This act shall take effect 60 days after its passage.
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1 Condominium Act; Adoption of Budgets and Special Assessments. Amend RSA 356-B:40-c, I to read as follows:
I. The board of directors, at least annually, shall adopt a proposed budget for the unit owners' association for consideration by the unit owners. Not later than 30 days after adoption of a proposed budget, the board of directors shall provide to all the unit owners a summary of the budget, including any reserves, and a statement of the basis on which any reserves are calculated and funded. Simultaneously, the board shall set a date not less than 10 days or more than 60 days after providing the summary for a meeting of the unit owners to consider ratification of the budget. Unless at that meeting with at least 1/2 of all unit owners present for the meeting or by proxy, or any larger number specified in the declaration or bylaws, the unit owners or their proxies reject the budget by a majority vote, the budget is ratified. If a proposed budget is rejected, the budget last ratified by the unit owners continues until the unit owners ratify a subsequent budget.
2 Effective Date. This act shall take effect 60 days after its passage.