55-509.2 - Documents to be provided by declarant upon transfer of control. - Virginia Statutes

§ 55-509.2. Documents to be provided by declarant upon transfer of control.

Unless previously provided to the board of directors of the association, oncethe majority of the members of the board of directors are owners of improvedlots in the association and the declarant no longer holds a majority of thevotes in the association, the declarant shall provide to the board ofdirectors or its designated agent the following: (i) all association booksand records held by or controlled by the declarant, including withoutlimitation, minute books and rules and regulations and all amendments theretowhich may have been promulgated; (ii) a statement of receipts andexpenditures from the date of the recording of the association documents tothe end of the regular accounting period immediately succeeding the firstelection of the board of directors by the home owners, not to exceed sixtydays after the date of the election, such statement being prepared in anaccurate and complete manner, utilizing the accrual method of accounting;(iii) a copy of the latest available approved plans and specifications forall improvements in the project or as-built plans if available; (iv) allassociation insurance policies which are currently in force; (v) writtenunexpired warranties of the contractors, subcontractors, suppliers, andmanufacturers, if any, relative to all common area improvements; (vi) anycontracts in which the association is a contracting party; and (vii) a listof manufacturers of paints, roofing materials and other similar materials ifspecified for use on the association property.

If the association is managed by a common interest community manager in whichthe declarant, or its principals, have no pecuniary interest or managementrole, then such common interest community manager shall have theresponsibility to provide the documents and information required by clauses(i), (ii), (iv), and (vi).

(1996, c. 618; 2008, cc. 851, 871.)