Commentary

100 Commonhold community statement Part 4: reserve fund

COMMONHOLD vol 8(1)
| Commentary

100 Commonhold community statement Part 4: reserve fund

| Commentary

100 Commonhold community statement Part 4: reserve fund

A commonhold may have one or more reserve funds. A reserve fund is a fund set up by the directors of the commonhold association to which unit-holders contribute to finance the repair and maintenance of the common parts or of units. The directors must from time to time consider whether to set up reserve funds1.

Unlike a commonhold assessment, which is to meet expenses generally, a reserve fund may only be set up to finance the repair and maintenance of the common parts or of units, not for other kinds of expenditure2.

The directors

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