55-459 - Powers of the association.
§ 55-459. Powers of the 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 and reserves andcollect assessments for common expenses from proprietary lessees;
3. Hire and discharge managing agents and other employees, agents andindependent contractors;
4. Institute, defend or intervene in litigation or administrative proceedingsin its own name on behalf of itself or two or more proprietary lessees onmatters affecting the cooperative;
5. Make contracts and incur liabilities;
6. Regulate the use, maintenance, repair, replacement and modification ofcommon elements;
7. Cause additional improvements to be made as a part of the common elements;
8. Acquire, hold, encumber and convey in its own name any right, title orinterest to real or personal property, but part of the cooperative may beconveyed, or all or part of the cooperative may be subjected to a securityinterest only pursuant to § 55-469;
9. Grant easements, leases, licenses and concessions through or over thecommon elements;
10. Impose and receive any payments, fees or charges for the use, rental oroperation of the common elements, other than limited common elementsdescribed in paragraphs 2 and 4 of § 55-439 and for services provided toproprietary lessees;
11. Impose charges for late payment of assessments and, after notice and anopportunity to be heard, levy fines not to exceed fifty dollars for eachinstance for violations of the declaration, bylaws and rules and regulationsof the association;
12. Impose reasonable charges for the preparation and recordation ofamendments to the declaration, resale certificates required by § 55-484 orstatements of unpaid assessments;
13. Provide for the indemnification of its officers and executive board andmaintain directors' and officers' liability insurance;
14. Assign its right to future income, including the right to receive commonexpense assessments, but only to the extent the declaration expressly soprovides;
15. Exercise any other powers conferred by the declaration or bylaws;
16. Exercise all other powers that may be exercised in this Commonwealth bylegal entities of the same type as the association; and
17. Exercise any other powers necessary and proper for the governance andoperation of the association.
B. The declaration may not impose limitations on the power of the associationto deal with the declarant which are more restrictive than the limitationsimposed on the power of the association to deal with other persons.
(1982, c. 277.)