(a) Each unit owners association shall keep correct and complete books and records of account, specifying the receipts and expenditures relating to the common areas and facilities and other common receipts and expenses, together with records showing the allocation, distribution and collection of the common profits, losses and expenses among and from the unit owners; minutes of the proceedings of the unit owners and board of managers; and records of the names and addresses of the unit owners and their respective percentages of interest in the common areas and facilities. The books and records of account shall be open for inspection by the individual unit owners at such reasonable times as established by the board of managers.
(b) Whenever elected members of a board of managers of a unit owners association take control of the association, the declarant or developer shall deliver to such officers correct and complete books and records of account, as required in subsection (a) hereof, and any damages resulting from the declarant's or developer's failure to do so may be recovered in a civil action together with reasonable attorney fees. The books and records of account shall be promptly audited after delivery of same by a public accountant. The declarant or developer shall further deliver a statement disclosing the financial operations of the condominium development.
(c) Each unit of a condominium property and the percentage of interest in the common areas and facilities appurtenant to it shall be deemed to be a separate parcel for all purposes of taxation and assessment of real property tax and no other unit or other part of the condominium property shall be charged with the payment of such taxes and assessments.
(Ord. 5985-1981. Passed 6-8-81.)