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ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
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Developed and maintained by the Division of Legislative Automated Systems.
1994 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 55-79.74:1 of the Code of Virginia is amended and reenacted as follows:
§ 55-79.74:1. Books, minutes and records; inspection.
A. The declarant, the managing agent, the unit owners' association, or the person specified in the bylaws of the association shall keep detailed records of the receipts and expenditures affecting the operation and administration of the condominium and specifying the maintenance and repair expenses of the common elements and any other expenses incurred by or on behalf of the association. All such records, minutes of the meetings of the unit owners' association and the executive organ, and any other records pertaining to the condominium, including the names and addresses of the unit owners, shall be available for examination by all the unit owners and contract purchasers of a unit in the condominium at convenient hours on working days that shall be set and announced for general knowledge. Subject to the provisions of subsections B and C of this section, upon request, any unit owner shall be provided a copy of such records and minutes. All financial books and records shall be kept in accordance with generally accepted accounting practices.
B. Books and records kept by or on behalf of a unit owners' association may be withheld from examination or copying by unit owners and contract purchasers to the extent that the records concern:
1. Personnel matters or a person's medical records;
2. Communications with legal counsel or attorney work product;
3. Transactions currently in negotiation and agreements containing confidentiality requirements;
4. Pending litigation;
5. Pending matters involving formal proceedings for enforcement of the association documents or rules and regulations promulgated pursuant thereto;
6. Disclosure of information in violation of law; or
7. Meeting minutes or other records of an executive session of the executive organ held pursuant to subsection B of § 55-79.75.
C. The unit owners' association may impose and collect a charge, reflecting the actual costs of materials and labor, prior to providing copies of any books and records.