Section 1. Inspection of Association's Books and Records.
The Membership register, books of account and minutes of meetings of the Members of the Board of Directors and of committees of the Association shall be made available for inspection and copying by any Member of the Association, or by his duly appointed representative, at any reasonable time and for a purpose reasonably related to his interest as a Member, at the office of the Association or at such other place within the Project as the governing body shall prescribe.

The Board of Directors shall establish reasonable rules with respect to:

a) Notice to be given to the custodian of the records by the Member
desiring to make the inspection.

b) Hours and days of the week when such an inspection may be made.

c) Payment of the cost of reproducing copies of documents requested by
a Member.

Every Director shall have the absolute right at any reasonable time to inspect all
books, records and documents of the Association and the physical properties controlled or maintained by the Association. The right of inspection by a Director includes the right to make extracts and copies of documents.

Section 2. Checks, Drafts, Etc.
All checks, drafts or other orders for payment of money, notes or other evidences or indebtedness, issued in the name of or payable to the Association, shall be signed or endorsed by such person or persons and in such manner as, from time to time, shall be determined by resolution of the Board of Directors.

Section 3. Annual and Other Reports.
An annual report consisting of the following shall be distributed within 120 days after the close of the fiscal year.
   (i) A balance sheet as of the end of the year.
   (ii) An operating (income) statement for the fiscal year.
   (iii) A statement of changes in financial position for the fiscal year.
   (iv) A description of any transaction or series of transactions between the
Association and an Officer or Director involving more than Fifty Thousand
Dollars ($50,000.00) wherein such Officer or Director has a direct or indirect
material financial interest. The description of the transaction shall include such
person's relationship to the Association, the nature of the person's interest in the
transaction, and where practicable, the amount of such person's interest.
Ordinarily, the annual report referred to above shall be prepared by an
independent accountant for any fiscal year in which the gross income of the Association exceeds $75,000.

If the report referred to above is not prepared by an independent accountant, it
shall be accompanied by the certificate of an authorized officer of the Association that
the statements were prepared without audit from the books and records of the
Association.

Section 4. Contracts, Etc., How Executed.
The Board of Directors, except as otherwise provided in the Bylaws, may authorize any Officer or Officers, agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Association, and such authority may be general or confined to specific instances; and, unless so authorized by the Board of Directors, no individual Director, Officer, agent or employee shall have any power or authority to bind the Association by any contract or engagement or to pledge its credit or to render it liable for any purpose or to any amount.

Section 5. Inspection of Bylaws.
The Association shall keep in its principal executive office, (or otherwise provide upon written request of any Member) the original or a copy of the Bylaws as amended or otherwise altered to date, certified by the Secretary, which shall be open to inspection by the Members at all reasonable times during office hours.

Section 6. Construction and Definitions.
Unless the context otherwise requires, the general provisions, rules of construction and definitions contained in the Declaration and in the California Nonprofit Mutual Benefit Corporation Law shall govern the, construction of these Bylaws. Without limiting the generality of the foregoing, the masculine gender includes the feminine and neuter, the singular number includes the plural and the plural number includes the singular, and the term "person" includes both a corporation and partnership as well as a natural person.