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Developed and maintained by the Division of Legislative Automated Systems.
1998 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 55-514 of the Code of Virginia is amended and reenacted as follows:
§ 55-514. Authority to levy special assessments.
A. In addition to all other assessments which are authorized in the
declaration, the board of directors of an association shall have the power to
levy a special assessment against its members if the purpose in so doing is
found by the board to be in the best interests of the association and the
proceeds of the assessment are used primarily for the maintenance and
upkeep, including capital expenditures, of the common
area and such other areas of association responsibility expressly provided
for in the declaration, including capital expenditures. A majority of
votes cast, in person or by proxy, at a meeting of the membership convened in
accordance with the provisions of the association's bylaws within sixty days of
promulgation of the notice of the assessment shall rescind or reduce the
special assessment. No director or officer of the association shall be liable
for failure to perform his fiduciary duty if a special assessment for the funds
necessary for the director or officer to perform his fiduciary duty is
rescinded by the owners pursuant to this section, and the association shall
indemnify such director or officer against any damage resulting from any
claimed breach of fiduciary duty arising therefrom.
B. The failure of a member to pay the special assessment allowed by subsection A shall entitle the association to the lien provided by § 55-516 as well as any other rights afforded a creditor under law.
C. The failure of a member to pay the special assessment allowed by subsection A will provide the association with the right to deny the member access to any or all of the common areas. Notwithstanding the immediately preceding sentence, direct access to the member's lot over any road within the development which is a common area shall not be denied the member.