Maryland SB576 allows emergency use of reserve funds in cooperative housing corporations and condominiums under specific conditions.
Maryland SB576 amends laws to allow the emergency use of reserve funds in cooperative housing corporations and condominiums, provided the funds are repaid within a specified period and approved by a majority vote. The bill requires governing bodies to develop funding plans for reserve funds, prioritizing health, safety, structural integrity, and essential functioning. Funds can be used for purposes outside the funding plan only in emergencies, with repayment and majority approval required.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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