§ 339-V — Contents of by-laws

§ 339-v. Contents of by-laws. 1. The by-laws shall provide for at\nleast the following:\n (a) The nomination and election of a board of managers, the number of\npersons constituting the same, and that the terms of at least one-third\nof the members of such board shall expire annually; the powers and\nduties of the board; the compensation, if any, of the members of the\nboard; the method of removal from office of members of the board; and\nwhether or not the board may engage the services of a manager or\nmanaging agent or both, and specifying which of the powers and duties\ngranted to the board by this article or otherwise may be delegated by\nthe board to either or both of them. Nothing contained herein shall bar\nthe incorporation of the board of managers under applicable statutes of\nthis state; such incorporation must be consistent with the other\nprovisions of this article and the nature of the condominium purpose.\n (b) Methods of calling meetings of the unit owners; what percentage of\nthe unit owners, if other than a majority, shall constitute a quorum;\nand what percentage shall, consistent with the provisions of this\nsection, be necessary to adopt decisions binding on all unit owners.\nMeetings of unit owners may be held at such physical place as may be\nfixed by or under the by-laws, or if not so fixed, as determined by the\nboard of managers. Provided, however, that the board of managers may, in\nits sole discretion, determine that the meeting be held solely or\npartially by means of electronic communication, the platform/service of\nwhich shall be the place of the meeting for purposes of this article.\nNothing contained in this paragraph shall prohibit a board of managers\nfrom holding a meeting at a physical place and allowing unit owners the\noption of attending such meeting either at such physical place or by\nmeans of electronic communication.\n (c) Election of a president from among the board of managers who shall\npreside over the meetings of such board and of the unit owners.\n (d) Election of a secretary who shall keep a record wherein actions of\nsuch board and of meetings of the unit owners shall be recorded.\n (e) Election of a treasurer who shall keep the financial records and\nbooks of account.\n (f) Operation of the property, payment of the common expenses and\ndetermination and collection of the common charges.\n (g) The manner of designation and removal of persons employed for the\noperation of the property.\n (h) Method of adopting and of amending administrative rules and\nregulations governing the details of the operation and use of the common\nelements.\n (i) Such restrictions on and requirements respecting the use and\nmaintenance of the units and the use of the common elements, not set\nforth in the declaration, as are designed to prevent unreasonable\ninterference with the use of their respective units and of the common\nelements by the several unit owners.\n (j) The percentage of the unit owners, but not less than sixty-six and\ntwo-thirds per cent in number and common interest except in the case\nwhere all units are non-residential, which may at any time modify or\namend the by-laws.\n 2. The by-laws may also provide for the following:\n (a) Provisions governing the alienation, conveyance, sale, leasing,\npurchase, ownership and occupancy of units, provided, however, that the\nby-laws shall contain no provision restricting the alienation,\nconveyance, sale, leasing, purchase, ownership and occupancy of units\nbecause of race, creed, color or national origin.\n (b) Provisions governing the payment, collection and disbursement of\nfunds, including reserves, to provide for major and minor maintenance,\nrepairs, additions, improvements, replacements, working capital, bad\ndebts and unpaid common expenses, depreciation, obsolescence and similar\npurposes.\n (c) The form by which the board of managers, acting on behalf of the\nunit owners, where authorized by this statute or the declaration, may\nacquire and hold any unit and lease, mortgage and convey the same.\n (d) Any other provisions, not inconsistent with the provisions of this\narticle, relating to the operation of the property.\n