Law of Ownership Subdivision and Management of Real Estate Units

1. The manager shall prepare a draft annual budget for the owners association which shall include the costs of managing the jointly-owned real estate and the cost of maintaining the common parts, and shall submit the same to the general assembly for approval. 2. The fiscal year of the owners association shall be 12 months and shall be indicated in its charter. As an exception, the first fiscal year may not be less than six months nor more than 18 months commencing from the date of registration of the association. a) For each fiscal year, the manager shall prepare the owners association’s financial statements and a report on its activity and financial position within three months from the end of the association’s fiscal year. The manager shall provide such documents to the auditor, if any, at least 45 days prior to the general assembly meeting. b) The manager shall provide the Authority and each owner with a copy of the documents referred to in paragraph 3(a) of this Article and a copy of the auditor's report, if any, within one month from the date of preparation thereof.