55-79.12 - Books and records; inspection; audit. - Virginia Statutes

§ 55-79.12. Books and records; inspection; audit.

The administrator, or board of administration, or the person appointed by thebylaws of the regime, shall keep a book with a detailed account of thereceipts and expenditures affecting the building and its administration andspecifying the maintenance and repair expenses of the common elements and anyother expenses incurred by or in behalf of the regime. Both the book andvouchers accrediting the entries made thereon shall be available forexamination by all the co-owners at convenient hours on working days thatshall be set and announced for general knowledge. All books and records shallbe kept in accordance with good accounting procedures and be audited at leastonce a year by an auditor outside of the organization.

(1962, c. 627, § 12.)