§ 34-36.1-3.02 - Powers of unit owners' association.
SECTION 34-36.1-3.02
§ 34-36.1-3.02 Powers of unit owners'association. – (a) Except as provided in subsection (b), and subject to the provisions of thedeclaration, the association, even if unincorporated, may:
(1) Adopt and amend bylaws and rules and regulations;
(2) Adopt and amend budgets for revenues, expenditures, andreserves and collect assessments for common expenses from unit owners;
(3) Hire and discharge managing agents and other employees,agents and independent contractors;
(4) Institute, defend, or intervene in litigation oradministrative proceedings in its own name on behalf of itself or two (2) ormore unit owners on matters affecting the condominium;
(5) Make contracts and incur liabilities;
(6) Regulate the use, maintenance, repair, replacement andmodification of common elements;
(7) Cause additional improvements to be made as a part of thecommon elements;
(8) Acquire, hold, encumber, and convey in its own name anyright, title or interest to real or personal property, but common elements maybe conveyed or subjected to a security interest or mortgage only pursuant to§ 34-36.1-3.12;
(9) Grant easements, leases, licenses and concessions throughor over the common elements;
(10) Impose and receive any payments, fees, or charges forthe use, rental, or operation of the common elements other than limited commonelements described in § 34-36.1-2.02(2) and (4) and for services providedto unit owners;
(11) Impose charges for late payment of assessments and,after notice and an opportunity to be heard, levy reasonable fines forviolations of the declaration, bylaws, and rules and regulations of theassociation as provided in § 34-36.1-3.20;
(12) Impose reasonable charges for the preparation andrecordation of amendments to the declaration, resale certificates required by§ 34-36.1-4.09 or statements of unpaid assessments;
(13) Provide for the indemnification of its officers andexecutive board and maintain directors' and officers' liability insurance;
(14) Borrow funds including the right to assign and/or pledgeits right to future income, including the right to receive common expenseassessments;
(15) Exercise any other powers conferred by the declarationor bylaws;
(16) Exercise all other powers that may be exercised in thisstate by legal entities of the same type as the association; and
(17) Exercise any other powers necessary and proper for thegovernance and operation of the association.
(b) The declaration may not impose limitations on the powersof the association to deal with the declarant that are more restrictive thanthe limitations imposed on the power of the association to deal with otherpersons.