Article 55. Fund Resources

(1) The fund’s resources are comprised of the owners’ contributions to the fund, as well as other sources, such as income from a lease of common parts, interest on the association’s bank deposits, interest and late payment penalties related to payments owed to the association, income from the association’s activities, grants and donations, and loans incurred by the association under the conditions of this law.
(2) The fund’s resources may only be used by the association for one of the following purposes:
a) urgent interventions as established in Article 45 paragraph (1);
b) inventory, create a passport, and technical expertise of the building;
c) energy audit of the building by authorized energy auditors;
d) develop project documentation for reconstruction, modernization, rehabilitation, and repair; approval, verification, and expertise of the respective project; obtain construction permits and other permissive acts required by law;
e) works for reconstruction, modernization, rehabilitation, or repair of the building, engineering networks, and other common parts, including thermal rehabilitation and energy efficiency;
f) technical supervision services;
g) payments owed by the association under credit (loan) contracts received for financing the reconstruction, modernization, rehabilitation, or repair works of the common parts;
h) demolition works of the building in case of a state of disrepair and the impossibility of reconstruction works or in other similar situations.
(3) An association must inform the owners quarterly about the balance of the fund’s bank account.
(4) The financial and economic situation of the fund, with the statement of income and expenses, is presented annually for approval by the general meeting.
(5) The annual report on the financial and economic situation of the fund, as well as the semi-annual reports on the financial and economic situation of the fund, with the statement of income and expenses, are presented to the owners upon their request.