339-v. Contents of by-laws. 1. The by-laws shall provide for at least the following:
(a) The nomination and election of a board of managers, the number of persons constituting the same, and that the terms of at least one-third of the members of such board shall expire annually; the powers and duties of the board; the compensation, if any, of the members of the board; the method of removal from office of members of the board; and whether or not the board may engage the services of a manager or managing agent or both, and specifying which of the powers and duties granted to the board by this article or otherwise may be delegated by the board to either or both of them. Nothing contained herein shall bar the incorporation of the board of managers under applicable statutes of this state; such incorporation must be consistent with the other provisions of this article and the nature of the condominium purpose.
(b) Method of calling meetings of the unit owners; what percentage of the unit owners, if other than a majority, shall constitute a quorum; and what percentage shall, consistent with the provisions of this act, be necessary to adopt decisions binding on all unit owners.
(c) Election of a president from among the board of managers who shall preside over the meetings of such board and of the unit owners.
(d) Election of a secretary who shall keep a record wherein actions of such board and of meetings of the unit owners shall be recorded.
(e) Election of a treasurer who shall keep the financial records and books of account.
(f) Operation of the property, payment of the common expenses and determination and collection of the common charges.
(g) The manner of designation and removal of persons employed for the operation of the property.
(h) Method of adopting and of amending administrative rules and regulations governing the details of the operation and use of the common elements.
(i) Such restrictions on and requirements respecting the use and maintenance of the units and the use of the common elements, not set forth in the declaration, as are designed to prevent unreasonable interference with the use of their respective units and of the common elements by the several unit owners.
(j) The percentage of the unit owners, but not less than sixty-six and two-thirds per cent in number and common interest except in the case where all units are non-residential, which may at any time modify or amend the by-laws.
2. The by-laws may also provide for the following:
(a) Provisions governing the alienation, conveyance, sale, leasing, purchase, ownership and occupancy of units, provided, however, that the by-laws shall contain no provision restricting the alienation, conveyance, sale, leasing, purchase, ownership and occupancy of units because of race, creed, color or national origin.
(b) Provisions governing the payment, collection and disbursement of funds, including reserves, to provide for major and minor maintenance, repairs, additions, improvements, replacements, working capital, bad debts and unpaid common expenses, depreciation, obsolescence and similar purposes.
(c) The form by which the board of managers, acting on behalf of the unit owners, where authorized by this statute or the declaration, may acquire and hold any unit and lease, mortgage and convey the same.
(d) Any other provisions, not inconsistent with the provisions of this article, relating to the operation of the property.
Last modified: February 3, 2019