448.3-102. Powers of unit owners' association.
Powers of unit owners' association.
448.3-102. 1. Subject to the provisions of the declaration,the association, even if unincorporated, may:
(1) Adopt and amend bylaws and rules and regulations;
(2) Adopt and amend budgets for revenues, expenditures, andreserves and collect assessments for common expenses from unitowners;
(3) Hire and terminate managing agents and other employees,agents, and independent contractors;
(4) Institute, defend, or intervene in litigation oradministrative proceedings in its own name on behalf of itself ortwo or more unit owners on matters affecting the condominium;
(5) Make contracts and incur liabilities;
(6) Regulate the use, maintenance, repair, replacement, andmodification of common elements;
(7) Cause additional improvements to be made as a part ofthe common elements;
(8) Acquire, hold, encumber, and convey in its own name anyright, title, or interest to real or personal property; provided,that common elements may be conveyed or subjected to a securityinterest only pursuant to section 448.3-112;
(9) Grant easements, leases, licenses, and concessionsthrough or over the common elements;
(10) Impose and receive any payments, fees, or charges forthe use, rental, or operation of the common elements other thanlimited common elements described in subdivisions (2) and (4) ofsection 448.2-102 and services provided to unit owners;
(11) Impose charges for late payment of assessments and,after notice and an opportunity to be heard, levy reasonablefines for violations of the declaration, bylaws, and rules andregulations of the association;
(12) Impose reasonable charges for the preparation andrecordation of amendments to the declaration, resale certificatesrequired by section 448.4-109, or statements of unpaidassessments;
(13) Provide for the indemnification of its officers andexecutive board and maintain directors' and officers' liabilityinsurance;
(14) Assign its rights to future income, including the rightto receive common expense assessments, but only to the extentexpressly provided in the declaration;
(15) Exercise any other powers conferred by the declarationor bylaws;
(16) Exercise all other powers that may be exercised in thisstate by legal entities of the same type as the association; and
(17) Exercise any other powers necessary and proper for thegovernance and operation of the association.
2. Notwithstanding the provisions of subsection 1 of thissection, the declaration may not impose limitations on the powerof the association to deal with the declarant that are morerestrictive than the limitations imposed on the power of theassociation to deal with other persons.
(L. 1983 H.B. 177)