Okla. Admin. Code § 810:25-11-10

Current through Vol. 42, No. 8, January 2, 2025

Section 810:25-11-10 - Surplus distributions

(a) Any surplus monies may be declared refundable by the board, and the amount of such declaration shall be a fixed liability of the association at the time of the declaration. The date and manner of the distribution shall be declared by the board. The manner of the distribution shall be in accordance with the association's bylaws. The board shall submit the distribution request to the Commission, with all supporting documents. The payment of any distribution shall not be made without Commission approval.

(b) The following distribution guidelines shall apply:

(1) Distributions from profitable years can be assigned to unprofitable years;

(2) Full and final distributions of all surplus remaining for a particular year cannot be made until all claims incurred during that year are permanently closed;

(3) Distributions will not be approved if the association has an overall deficit, or the distribution will place the association in an overall deficit; and

(4) Distributions shall be made in an equitable manner as provided in the association's bylaws.

Okla. Admin. Code § 810:25-11-10

Adopted by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018