Reserve study: Period for conducting reserve study; period for adoption; required commencement of next full reserve study

NAC 116.427 Reserve study: Period for conducting reserve study; period for adoption; required commencement of next full reserve study. ( NRS 116.31152 , 116.615 ) 1. For the purposes of paragraph (a) of subsection 1 of NRS 116.31152 , the 5-year period for conducting a reserve study commences on the date on which the on-site inspection of the major components is performed and concludes upon the adoption of the reserve study by the executive board at a meeting conducted pursuant to NRS 116.31083 . For the purposes of this section, the adoption of the reserve study must take place before the culmination of 5 years after the date that the executive board last adopted a full reserve study that includes the information described in NAC 116.425 . 2. After a full reserve study is conducted, the next full reserve study must be commenced on or before the same month and date that the previous on-site inspection of the major components was performed. (Added to NAC by Comm’n for Common-Interest Communities & Condo. Hotels by R050-13, eff. 8-10-2015; A by R129-21, 12-29-2022)