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Cyprus Eastern Forum Index » Ask Nigel A Question » Is a Residents Association Accountable?
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Is a Residents Association Accountable? 
Post: #1   PostPosted: Tue Jul 18, 2017 5:13 pm Reply with quote
J B
Joined: 25 Jul 2005
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Location: Shropshire/Staffordshire/Cheshire (UK) and Tala (Paphos) sometimes!

 
Another question, sorry.

I chair the residents association
E is the secretary
D is the treasurer

D presents the accounts to the ten owners annually (or whenever they wish), but he recently asked me if we are legally 'accountable' to anyone else??

Confused

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Post: #2   PostPosted: Tue Jul 18, 2017 6:20 pm Reply with quote
nhowarth
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Hi J B

You are accountable in law for operating the Management committee correctly.

Regards,

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Nigel Howarth
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Post: #3   PostPosted: Tue Jul 18, 2017 8:23 pm Reply with quote
J B
Joined: 25 Jul 2005
Posts: 1299
Pictures: 0
Location: Shropshire/Staffordshire/Cheshire (UK) and Tala (Paphos) sometimes!

 
nhowarth wrote:
You are accountable in law for operating the Management committee correctly.


Many thanks Nigel

As long as we are acting within the Immovable Property Law and the 'laws of the land' do we need to show our financial accounts to anyone??

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J B
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Post: #4   PostPosted: Wed Jul 19, 2017 8:19 am Reply with quote
nhowarth
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Location: Erimi, Limassol

 
Hi J B

I've looked through the law and there is no requirement to show your financial accounts to anyone.

However I suggest you have the accounts audited independently prior to your AGM and present them with the auditor's statement at the AGM even though there is no requirement in the law to do this.

One other point is that you should submit a statement to the owners every three months covering the previous 3 months.

Regards,

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Nigel Howarth
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Is a Residents Association Accountable? 
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