(a) (1) In this section the following words have the meanings indicated.
(2) “Governing document” includes:
(i) A declaration;
(ii) Bylaws;
(iii) A deed and agreement; and
(iv) Recorded covenants and restrictions.
(3) “In good standing” means not being more than 90 days in arrears in the payment of any assessment or charge due to the homeowners association.
(b) This section does not apply to a homeowners association that issues bonds or other long–term debt secured in whole or in part by annual charges assessed in accordance with a declaration, or to a village community association affiliated with the homeowners association.
(c) Notwithstanding the provisions of a governing document, a homeowners association may amend the governing document by the affirmative vote of lot owners in good standing having at least 60% of the votes in the development, or by a lower percentage if required in the governing document.
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