47C-3-114. Surplus funds.
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provisions for common expenses and any prepayment of reserves must be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments. (1985 (Reg. Sess., 1986), c. 877, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 47C - North Carolina Condominium Act
Article 3 - Management of the Condominium.
§ 47C-3-101 - Organization of unit owners' association.
§ 47C-3-102 - Powers of unit owners' association.
§ 47C-3-103 - Executive board members and officers.
§ 47C-3-104 - Transfer of special declarant rights.
§ 47C-3-105 - Termination of contracts and leases of declarant.
§ 47C-3-107 - Upkeep; damages; assessments for damages, fines.
§ 47C-3-107.1 - Procedures for fines and suspension of condominium privileges or services.
§ 47C-3-110 - Voting; proxies.
§ 47C-3-111 - Tort and contract liability.
§ 47C-3-112 - Conveyance or encumbrance of common elements.
§ 47C-3-115 - Assessments for common expense.
§ 47C-3-116 - Lien for sums due the association; enforcement.
§ 47C-3-116.1 - Validation of certain nonjudicial foreclosure proceedings and sales.
§ 47C-3-117 - Other liens affecting the condominium.
§ 47C-3-118 - Association records.
§ 47C-3-119 - Association as trustee.
§ 47C-3-121 - American and State flags and political sign displays.