§ 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, and reserves 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 or administrative proceedings in its own name on behalf of itself or two (2) or more time-share owners on matters affecting the time-share property or time shares;

(5) Make contracts and incur liabilities;

(6) Regulate the use, maintenance, repair, replacement, and modification of the time-share property;

(7) Cause additional improvements to be made to the time-share property;

(8) Impose charges for late payment of assessments and, after notice and an opportunity to be heard, levy reasonable fines for violations of the time-share instrument, bylaws, and rules or regulations of the association;

(9) Impose reasonable charges for the preparation of resale certificates required by § 34-41-4.07 or statements of unpaid assessments;

(10) Exercise any other powers conferred by the time-share instrument or bylaws;

(11) Impose and receive any payment, fees, or charges for the use, rental, or operation of the time-share property, and for services provided to time-share owners;

(12) Acquire, hold, encumber, and convey in its own name any right, title, or interest to real or personal property;

(13) Assign its right to future income, including the right to receive time-share expense assessments, but only to the extent the time-share instrument expressly so provides;

(14) Provide for the indemnification of its directors and officers and maintain directors' and officers' liability insurance;

(15) Exercise all other powers that may be exercised in this state by legal entities of the same type as the association;

(16) Exercise any other powers necessary and proper for the governance and operation of the association; and

(17) Convey easements and generally deal with common areas of the property and execute any and all documents related thereto upon authorization 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 on the power of the association to deal with the developer which are more restrictive than the limitations imposed on the power of the association to deal with other persons.

(c) Except as otherwise provided in the time-share instrument, 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 managing entity, the developer, or the time-share owners with respect to any portion of the project other than the units within the time-share property.

History of Section. (P.L. 1984, ch. 141, § 2.)