Association Accounts definition

Association Accounts means all accounts under the care and control of the Community Association Management Firm and the Supervising Community Association Manager or his or her designee that are deposited with the Community Association Management Firm and the Supervising Community Association Manager for the benefit of the community associations represented.
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Association Accounts means all accounts under the care and control of the Community Association Management Firm or an unaffiliated Community Association Manager, and with respect to which a Community Association Management Firm or unaffiliated Community Association Manager has signatory authority, that are deposited with or maintained by the Community Association Management Firm or the unaffiliated Community Association Manager for the benefit of the community associations represented. The maintenance of such accounts shall be custodial, and such accounts shall be in the name of the respective community association. [225 ILCS 427/55(b)]
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Examples of Association Accounts in a sentence

  • Business, Organization & Association Accounts Earnings in the form of dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy.

  • Business Organization and Association Accounts - Accounts owned by a business, organization or association have some special limitations.

  • The trust account is not a part of a trustee’s estate and does not pass under the Business, Organization and Association Accounts.

  • Savings Type Accounts, Money Market Accounts, Public Fund/Charitable Organization Accounts, Association Accounts, SmartStart CheckingSM Accounts, Student Checking Accounts, New Generation CheckingSM Accounts, and Golden 1 Freedom CheckingSM Accounts are not eligible for this program.

  • Money held in this account shall be used to offset the employer’s obligations to make annual contributions to the Voluntary Employee Benefit Association Accounts.

  • If two or more beneficiaries are named by a party and survive the death of the party, they shall equally share the 50% Business, Organization and Association Accounts.

  • The trust account is not a part of a trustee's estate and does not pass under the Business, Organization and Association Accounts.