Article 53. Establishment of the Repair and Development Fund

(1) An association is required to establish a repair and development fund (hereinafter referred to as the fund).
(2) The fund’s resources are kept in a separate bank account from the account for other expenses than those indicated in Article 55 paragraph (2).
(3) An association must notify the bank that the bank account contains the fund’s resources.
(4) An association may have only one bank account that contains the fund’s resources. In the case of associations with multiple condominiums as per Article 77, a separate fund is maintained for each condominium in a separate bank account.