The current account of the association of co-owners

The property administrator is to manage the assets of the association. The aim of the association is simple: to maintain the co-ownership. In order to do that, the property administrator will have movable assets ("the co-owners' money") that he is to manage by taking due care. He will arrange for the funds received to be deposited in a current account opened in the name of the association of co-owners. That current account in which only funds of the co-owners of the relevant co-ownership will be deposited is referred to as working capital in the trade. The property administrator will pay the invoices relating to the co-ownership from this current account. Each payment will always have an official supporting document.

The property administrator is solely responsible for his financial management activities. He is also to be annually accountable at the statutory annual general meeting of the co-ownership where the approval of the financial policy of the property administrator is to be an important recurring item that appears on the agenda every year.