Except as provided in this title, and notwithstanding anything contained in any of the documents of the homeowners association:

(1)    Subject to the provisions of item (4) of this section, all meetings of the homeowners association, including meetings of the board of directors or other governing body of the homeowners association or a committee of the homeowners association, shall be open to all members of the homeowners association or their agents;

(2)    All members of the homeowners association shall be given reasonable notice of all regularly scheduled open meetings of the homeowners association;

(3)    (i)    This item does not apply to any meeting of a governing body that occurs at any time before the lot owners, other than the developer, have a majority of votes in the homeowners association, as provided in the declaration;

(ii)    Subject to item (iii) of this item and to reasonable rules adopted by a governing body, a governing body shall provide a designated period of time during a meeting to allow lot owners an opportunity to comment on any matter relating to the homeowners association;

(iii)    During a meeting at which the agenda is limited to specific topics or at a special meeting, the lot owners’ comments may be limited to the topics listed on the meeting agenda; and

(iv)    The governing body shall convene at least one meeting each year at which the agenda is open to any matter relating to the homeowners association;

(4)    A meeting of the board of directors or other governing body of the homeowners association or a committee of the homeowners association may be held in closed session only for the following purposes:

(i)    Discussion of matters pertaining to employees and personnel;

(ii)    Protection of the privacy or reputation of individuals in matters not related to the homeowners association’s business;

(iii)    Consultation with legal counsel on legal matters;

(iv)    Consultation with staff personnel, consultants, attorneys, board members, or other persons in connection with pending or potential litigation or other legal matters;

(v)    Investigative proceedings concerning possible or actual criminal misconduct;

(vi)    Consideration of the terms or conditions of a business transaction in the negotiation stage if the disclosure could adversely affect the economic interests of the homeowners association;

(vii)    Compliance with a specific constitutional, statutory, or judicially imposed requirement protecting particular proceedings or matters from public disclosure; or

(viii)    Discussion of individual owner assessment accounts; and

(5)    If a meeting is held in closed session under item (4) of this section:

(i)    An action may not be taken and a matter may not be discussed if it is not permitted by item (4) of this section; and

(ii)    A statement of the time, place, and purpose of a closed meeting, the record of the vote of each board or committee member by which the meeting was closed, and the authority under this section for closing a meeting shall be included in the minutes of the next meeting of the board of directors or the committee of the homeowners association.