§ 34-41-3.02 - Powers of managing entity.
SECTION 34-41-3.02
§ 34-41-3.02 Powers of managing entity.– (a) Subject to the provisions of subsection (b) and the time-share instrument,the association, even if unincorporated, may:
(1) Adopt and amend bylaws, rules, and regulations;
(2) Adopt and amend budgets for revenues, expenditures, andreserves and collect assessments for time-share expenses from time-share owners;
(3) Hire and discharge managing agents and other agents,employees, and independent contractors;
(4) Institute, defend, or intervene in litigation oradministrative proceedings in its own name on behalf of itself or two (2) ormore time-share owners on matters affecting the time-share property or timeshares;
(5) Make contracts and incur liabilities;
(6) Regulate the use, maintenance, repair, replacement, andmodification of the time-share property;
(7) Cause additional improvements to be made to thetime-share property;
(8) Impose charges for late payment of assessments and, afternotice and an opportunity to be heard, levy reasonable fines for violations ofthe time-share instrument, bylaws, and rules or regulations of the association;
(9) Impose reasonable charges for the preparation of resalecertificates required by § 34-41-4.07 or statements of unpaid assessments;
(10) Exercise any other powers conferred by the time-shareinstrument or bylaws;
(11) Impose and receive any payment, fees, or charges for theuse, rental, or operation of the time-share property, and for services providedto time-share owners;
(12) Acquire, hold, encumber, and convey in its own name anyright, title, or interest to real or personal property;
(13) Assign its right to future income, including the rightto receive time-share expense assessments, but only to the extent thetime-share instrument expressly so provides;
(14) Provide for the indemnification of its directors andofficers and maintain directors' and officers' liability insurance;
(15) Exercise all other powers that may be exercised in thisstate by legal entities of the same type as the association;
(16) Exercise any other powers necessary and proper for thegovernance and operation of the association; and
(17) Convey easements and generally deal with common areas ofthe property and execute any and all documents related thereto uponauthorization by unit owners in accordance with §§ 34-41-3.14,34-41-3.15 or 34-41-3.16.
(b) The time-share instrument may not impose limitations onthe power of the association to deal with the developer which are morerestrictive than the limitations imposed on the power of the association todeal with other persons.
(c) Except as otherwise provided in the time-shareinstrument, the manager, to the extent permitted by the management contract,may exercise the powers specified in subdivisions (1) – (11) of subsection(a).
(d) If the time-share property is a part of a project,neither this section nor § 34-41-3.03 confers any powers on the managingentity, the developer, or the time-share owners with respect to any portion ofthe project other than the units within the time-share property.