1. (1) An assessment may be levied by order of the board of directors.

2. (2) An order levying an assessment shall:

   1. (a) specify the amount of the levy on each share;
   2. (b) specify when, to whom, and where the assessment is payable; and
   3. (c) identify the day on which an unpaid assessment becomes delinquent.
3. (3) The date on which an unpaid assessment is considered delinquent shall be at least 30 days after notice of assessment is given as provided in Section 16-4-206.
4. (4) If assessments are not levied on an equal basis for all shares, the order shall state the equitable basis for the differing assessments.

Enacted by Chapter 367, 2007 General Session