PRINTER'S NO. 899
No. 799 Session of 1997
INTRODUCED BY REBER, MANDERINO, HENNESSEY, ROBINSON, SCHULER,
READSHAW, TRELLO, DALEY, SEMMEL, E. Z. TAYLOR, KREBS, TIGUE,
SAYLOR, ROSS, BARRAR, OLASZ, VAN HORNE, DeLUCA, MICHLOVIC,
LAUGHLIN, BUNT, ROBERTS AND BOSCOLA, MARCH 12, 1997
REFERRED TO COMMITTEE ON CONSUMER AFFAIRS, MARCH 12, 1997
AN ACT
1 Amending Title 15 (Corporations and Unincorporated Associations)
2 of the Pennsylvania Consolidated Statutes, further providing
3 for corporate records.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Section 5508 of Title 15 of the Pennsylvania
7 Consolidated Statutes is amended by adding a subsection to read:
8 § 5508. Corporate records; inspection.
9 * * *
10 (d) Audits of nonprofit corporations whose primary purpose
11 is to provide residential, individually owned units.--
12 (1) The corporation shall keep detailed financial
13 records, including, without limitation, a record of expenses
14 paid by the corporation, any assessments made on the
15 individually owned units and the payments thereof. All
16 financial and other records shall be made reasonably
17 available for examination by any unit owner and his
1 authorized agents.
2 (2) Within 60 days of the close of its fiscal year, each
3 corporation shall forward a copy of an audit of its financial
4 records conducted by a certified public accountant to the
5 department. The cost of the audit shall be borne by the
6 corporation. Each unit owner shall be entitled to a copy of
7 the audit from the corporation within 30 days of a reasonable
8 request for the same. If the corporation fails to provide a
9 copy of the audit to a unit owner within 30 days of the unit
10 owner's reasonable request, the unit owner may file a
11 complaint with the Bureau of Consumer Protection in the
12 Office of Attorney General and receive a copy of the audit
13 from the department.
14 (3) If a corporation fails to provide a copy of the
15 audit of its financial records within 30 days of a unit
16 owner's reasonable request, such failure is a violation of
17 the act of December 17, 1968 (P.L.1224, No.387), known as the
18 Unfair Trade Practices and Consumer Protection Law, and the
19 Office of Attorney General shall be authorized to assess a
20 civil penalty of $500 against the corporation.
21 Section 2. This act shall take effect in 60 days.
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