47F-3-114. Surplus funds.
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses, the funding of a reasonable operating expense surplus, and any prepayment of reserves shall be paid to the lot owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments. (1998-199, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 47F - North Carolina Planned Community Act
Article 3 - Management of Planned Community.
§ 47F-3-101 - Organization of owners' association.
§ 47F-3-102 - Powers of owners' association.
§ 47F-3-103 - Executive board members and officers.
§ 47F-3-104 - Transfer of special declarant rights.
§ 47F-3-105 - Termination of contracts and leases of declarant.
§ 47F-3-107 - Upkeep of planned community; responsibility and assessments for damages.
§ 47F-3-107.1 - Procedures for fines and suspension of planned community privileges or services.
§ 47F-3-110 - Voting; proxies.
§ 47F-3-111 - Tort and contract liability.
§ 47F-3-112 - Conveyance or encumbrance of common elements.
§ 47F-3-115 - Assessments for common expenses.
§ 47F-3-116 - Lien for sums due the association; enforcement.
§ 47F-3-116.1 - Validation of certain nonjudicial foreclosure proceedings and sales.
§ 47F-3-118 - Association records.
§ 47F-3-119 - Association as trustee.
§ 47F-3-120 - Declaration limits on attorneys' fees.
§ 47F-3-121 - American and State flags and political sign displays.