Powers of unit-owners’ association.
1. Except as otherwise provided in subsection 2, and subject to the provisions of the declaration, the association may:
(a) Adopt and amend bylaws, rules and regulations;
(b) Adopt and amend budgets for revenues, expenditures and reserves and collect assessments for common expenses from units’ owners;
(c) Hire and discharge managing agents and other employees, agents and independent contractors;
(d) Institute, defend or intervene in litigation or administrative proceedings in its own name on behalf of itself or two or more units’ owners on matters affecting the common-interest community;
(e) Make contracts and incur liabilities;
(f) Regulate the use, maintenance, repair, replacement and modification of common elements;
(g) Cause additional improvements to be made as a part of the common elements;
(h) Acquire, hold, encumber and convey in its own name any right, title or interest to real estate or personal property, but:
(1) Common elements in a condominium or planned community may be conveyed or subjected to a security interest only pursuant to NRS 116.3112; and
(2) Part of a cooperative may be conveyed, or all or part of a cooperative may be subjected to a security interest, only pursuant to NRS 116.3112;
(i) Grant easements, leases, licenses and concessions through or over the common elements;
(j) Impose and receive any payments, fees or charges for the use, rental or operation of the common elements, other than limited common elements described in subsections 2 and 4 of NRS 116.2102, and for services provided to units’ owners;
(k) Impose charges for late payment of assessments;
(l) Impose construction penalties when authorized pursuant to NRS 116.310305;
(m) Impose reasonable fines for violations of the governing documents of the association only if the association complies with the requirements set forth in NRS 116.31031;
(n) Impose reasonable charges for the preparation and recordation of amendments to the declaration, the information required by NRS 116.4109 or statements of unpaid assessments;
(o) Provide for the indemnification of its officers and executive board and maintain directors’ and officers’ liability insurance;
(p) Assign its right to future income, including the right to receive assessments for common expenses, but only to the extent the declaration expressly so provides;
(q) Exercise any other powers conferred by the declaration or bylaws;
(r) Exercise all other powers that may be exercised in this state by legal entities of the same type as the association;
(s) Direct the removal of vehicles improperly parked on property owned or leased by the association, pursuant to NRS 487.038; and
(t) Exercise any other powers necessary and proper for the governance and operation of the association.
2. The declaration may not impose limitations on the power of the association to deal with the declarant which are more restrictive than the limitations imposed on the power of the association to deal with other persons.
Last modified: February 27, 2006