Bylaws; contents
Sec. 2. The bylaws must provide for the following:
(1) With respect to the board of directors:
(A) the election of the board from among the co-owners;
(B) the number of persons constituting the board;
(C) the expiration of the terms of at least one-third (1/3) of
the directors annually;
(D) the powers and duties of the board, including whether
the board may engage the services of a manager or managing
agent;
(E) the compensation, if any, of the directors; and
(F) the method of removal from office of directors.
(2) The method of calling meetings of the co-owners and the
percentage, if other than a majority of co-owners, that
constitutes a quorum.
(3) The election from among the board of directors of a
president, who shall preside over the meetings of:
(A) the board of directors; and
(B) the association of co-owners.
(4) The election of a secretary, who shall keep the minute book
in which resolutions shall be recorded.
(5) The election of a treasurer, who shall keep the financial
records and books of account.
(6) The maintenance, repair, and replacement of the common
areas and facilities and payments for that maintenance, repair,
and replacement, including the method of approving payment
vouchers.
(7) The manner of collecting from each condominium owner the
owner's share of the common expenses.
(8) The designation and removal of personnel necessary for the
maintenance, repair, and replacement of the common areas and
facilities.
(9) The method of adopting and of amending administrative
rules governing the details of the operation and use of the
common areas and facilities.
(10) The restrictions on and requirements respecting the use and
maintenance of the condominium units and the use of the
common areas and facilities that are:
(A) not set forth in the declaration; and
(B) designed to prevent unreasonable interference with the
use of their respective units and of the common areas and
facilities by the several co-owners.
(11) The percentage of votes required to amend the bylaws.
(12) Other provisions consistent with this article considered
necessary for the administration of the property.
As added by P.L.2-2002, SEC.10.
Last modified: May 24, 2006