55-514 - Authority to levy special assessments. - Virginia Statutes

§ 55-514. Authority to levy special assessments.

A. In addition to all other assessments which are authorized in thedeclaration, the board of directors shall have the power to levy a specialassessment against its members if the purpose in so doing is found by theboard to be in the best interests of the association and the proceeds of theassessment are used primarily for the maintenance and upkeep of the commonarea and such other areas of association responsibility expressly providedfor in the declaration, including capital expenditures. A majority of votescast, in person or by proxy, at a meeting of the membership convened inaccordance with the provisions of the association's bylaws within 60 days ofpromulgation of the notice of the assessment shall rescind or reduce thespecial assessment. No director or officer of the association shall be liablefor failure to perform his fiduciary duty if a special assessment for thefunds necessary for the director or officer to perform his fiduciary duty isrescinded by the owners pursuant to this section, and the association shallindemnify such director or officer against any damage resulting from anyclaimed breach of fiduciary duty arising therefrom.

B. The failure of a member to pay the special assessment allowed bysubsection A shall entitle the association to the lien provided by § 55-516as well as any other rights afforded a creditor under law.

C. The failure of a member to pay the special assessment allowed bysubsection A will provide the association with the right to deny the memberaccess to any or all of the common areas. Notwithstanding the immediatelypreceding sentence, direct access to the member's lot over any road withinthe development which is a common area shall not be denied the member.

(1989, c. 679; 1991, c. 667; 1992, c. 450; 1998, cc. 32, 751; 2008, cc. 851,871.)