§ 11-116. Maintenance of books and records
West's Annotated Code of MarylandReal PropertyEffective: October 1, 2009
Effective: October 1, 2009
MD Code, Real Property, § 11-116
§ 11-116. Maintenance of books and records
(a) The council of unit owners shall keep books and records in accordance with good accounting practices on a consistent basis.
(b) On the request of the unit owners of at least 5 percent of the units, the council of unit owners shall cause an audit of the books and records to be made by an independent certified public accountant, provided an audit shall be made not more than once in any consecutive 12-month period. The cost of the audit shall be a common expense.
(c)(1)(i) Except as provided in paragraph (3) of this subsection, all books and records, including insurance policies, kept by the council of unit owners shall be maintained in Maryland or within 50 miles of its borders and shall be available at some place designated by the council of unit owners for examination or copying, or both, by any unit owner, a unit owner's mortgagee, or their respective duly authorized agents or attorneys, during normal business hours, and after reasonable notice.
(ii) If a unit owner requests in writing a copy of financial statements of the condominium or the minutes of a meeting of the board of directors or other governing body of the condominium to be delivered, the board of directors or other governing body of the condominium shall compile and send the requested information by mail, electronic transmission, or personal delivery:
(d)(1) Except for a reasonable charge imposed on a person desiring to review or copy the books and records or who requests delivery of information, the council of unit owners may not impose any charges under this section.
Credits
Added as Real Property § 11-113 by Acts 1974, c. 641, § 2, eff. July 1, 1974. Amended by Acts 1975, c. 786, § 1, eff. July 1, 1975. Renumbered as Real Property § 11-116 and amended by Acts 1981, c. 246, § 1, eff. July 1, 1981. Amended by Acts 1982, c. 836, § 3; Acts 1984, c. 525; Acts 2004, c. 382, § 1, eff. Oct. 1, 2004; Acts 2009, c. 95, § 1, eff. Oct. 1, 2009; Acts 2009, c. 96, § 1, eff. Oct. 1, 2009; Acts 2009, c. 659, § 1, eff. Oct. 1, 2009.
Formerly Art. 21, § 11-115.
MD Code, Real Property, § 11-116, MD REAL PROP § 11-116
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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