The administrator, board of administration, or person appointed by the bylaws of the regime shall keep a book with a detailed account of the receipts and expenditures affecting the building and its administration and specifying the maintenance and repair expenses of the common elements and any other expenses incurred by or on behalf of the regime. Both the book and vouchers accrediting the entries made in the book shall be available for examination by all the co-owners during business hours that shall be set and announced for general knowledge. All books and records shall be kept in accordance with good accounting procedures and be audited at least once a year by an auditor outside of the organization.
1962, c. 627, § 12, § 55-79.12; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 20 - Horizontal Property Act
§ 55.1-2001. Property taxes assessed on individual apartments
§ 55.1-2002. Chapter additional and supplemental
§ 55.1-2003. Establishment of horizontal property regime
§ 55.1-2006. Joint or common ownership
§ 55.1-2007. Exclusive and common rights of owners
§ 55.1-2008. Master deed or lease; recordation; particulars
§ 55.1-2009. Deeds of individual apartments
§ 55.1-2010. Regrouping or merger of estates with principal property
§ 55.1-2011. Merger not to bar subsequent condominium
§ 55.1-2012. Bylaws governing administration of buildings
§ 55.1-2013. Books and records; inspection; audit
§ 55.1-2014. Contributions by co-owners
§ 55.1-2015. Payment of assessments upon conveyance of apartment; priority
§ 55.1-2016. Liens or encumbrances
§ 55.1-2017. Rule against perpetuities; rule restricting unreasonable restraints on alienation
§ 55.1-2018. Liability of owner
§ 55.1-2019. Compliance by co-owner with bylaws and administrative rules and regulations