At our quarterly board meeting in December 2012, investing our reserve funds of over $100K was discussed. One association member was concerned with the rate of interest paid on Reserve money invested in Bank CD's. Without having another board meeting or general membership meeting, the executive board withdrew the monies in our CD's paid a penalty, and invested all the Reserve with Edward Jones Financial. Some of this money is in Municipal Bonds, but 50% is in the market via the Edward Jones Solutions Funds. Was this a legal act? Should the association members have had a vote? Should the Executive Board have had a special advertised meeting?
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