§ 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 and any prepayment of reserves shall be paid annually to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 33, eff. Jan. 1, 2012.)
Structure Vermont Statutes
Title 27A - Uniform Common Interest Ownership Act (1994)
Article 3 - Management of the Common Interest Community
§ 3-101. Organization of unit owners’ association
§ 3-102. Powers of unit owners’ association
§ 3-103. Executive board members and officers
§ 3-104. Transfer of special declarant rights
§ 3-105. Termination of contracts and leases of declarant
§ 3-107. Upkeep of common interest community
§ 3-110. Voting; proxies; ballots
§ 3-111. Tort and contract liability
§ 3-112. Conveyance or encumbrance of common elements
§ 3-115. Assessments for common expenses
§ 3-116. Lien for sums due association; enforcement
§ 3-119. Association as trustee
§ 3-121. Notice to unit owners
§ 3-122. Removal of officers and directors