NRS 116B.615 Signatures required for withdrawals from reserve account of association; exceptions.

392 words·~2 min read·/nv/chapter-116b-condominium-hotel-act/116b-615·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. Money in the reserve account of an association required by NRS 116B.590 may not be withdrawn without the signatures of at least two members of the executive board or the signatures of at least one member of the executive board and one officer of the association who is not a member of the executive board.

2. Except as otherwise provided in subsection 3, money in the operating account of an association may not be withdrawn without the signatures of at least one member of the executive board or one officer of the association and a member of the executive board, an officer of the association or the community manager.

3. Money in the operating account of an association may be withdrawn without the signatures required pursuant to subsection 2 to:

(a)Transfer money to the reserve account of the association at regular intervals;

(b)Make automatic payments for utilities;

(c)Make automatic payments for the cost of any insurance policies maintained pursuant to NRS 116.3113 ;

(d)Make automatic payments for telecommunications services maintained by the association, including, without limitation, telephone, cable, satellite and Internet services;

(e)Make automatic payments for any services to the association that are billed on a monthly, quarterly or annual basis;

(f)Make annual payments to the Office of the Ombudsman;

(g)Make an electronic transfer of money to a state agency pursuant to NRS 353.1467 ; or

(h)Make an electronic transfer of money to the United States Government, or any agency thereof, pursuant to any federal law requiring transfers of money to be made by an electronic means authorized by the United States Government or the agency thereof.

4. An association may use electronic signatures to withdraw money in the operating account of the association if:

(a)The electronic transfer of money is made pursuant to a written agreement entered into between the association and the financial institution where the operating account of the association is maintained;

(b)The executive board has expressly authorized the electronic transfer of money; and

(c)The association has established internal accounting controls which comply with generally accepted accounting principles to safeguard the assets of the association.

5. As used in this section, “electronic transfer of money” has the meaning ascribed to it in NRS 353.1467 .