Civil Code §5510. Signatures on and Limitation on Use of Reserve Funds

California Civil Code  >   Part 5. Common Interest Developments (Davis-Stirling Common Interest Development Act)  >  Chapter 7. Finances  > Article 2. Use of Reserve Funds  >  Civil Code §5510. Signatures on and Limitation on Use of Reserve Funds
(a) The signatures of at least two persons, who shall be directors, or one officer who is not a director and one who is a director, shall be required for the withdrawal of moneys from the association’s reserve accounts.
(b) The board shall not expend funds designated as reserve funds for any purpose other than the repair, restoration, replacement, or maintenance of,  or litigation involving the repair, restoration, replacement, or maintenance of,  major components that the association is obligated to repair, restore, replace, or maintain and for which the reserve fund was established. [2012 – Based on former §1365.5(b & (c)(1)]

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