Statute · California Civil Code
Cal. Civ. Code § 5510 — Use of Reserve Funds
Cal. Civ. Code § 5510
- Type
- Statute
- Source
- California Civil Code
- Jurisdiction
- California
- Date
- 2013-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(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.
Citator
Cal. Civ. Code § 5510 — Use of Reserve Funds is in force in the current edition of the Code, and nothing recorded condemns it.
(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.