Unless otherwise provided in the declaration or bylaws, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves must be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments, or held in reserve.
Ala. Code § 35-8A-314
Surplus Funds.
Known as the Alabama Uniform Condominium Act
The act spans §§ 35–35 (67 sections).
(Acts 1990, No. 90-551, p. 858, §3-114; Act 2018-403, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.