§ 339-v. Contents of by-laws. 1. The by-laws shall provide for at
least the following:

(a) The nomination and election of a board of managers, the number of
persons constituting the same, and that the terms of at least one-third
of the members of such board shall expire annually; the powers and
duties of the board; the compensation, if any, of the members of the
board; the method of removal from office of members of the board; and
whether or not the board may engage the services of a manager or
managing agent or both, and specifying which of the powers and duties
granted to the board by this article or otherwise may be delegated by
the board to either or both of them. Nothing contained herein shall bar
the incorporation of the board of managers under applicable statutes of
this state; such incorporation must be consistent with the other
provisions of this article and the nature of the condominium purpose.

(b) Methods of calling meetings of the unit owners; what percentage of
the unit owners, if other than a majority, shall constitute a quorum;
and what percentage shall, consistent with the provisions of this
section, be necessary to adopt decisions binding on all unit owners.
Meetings of unit owners may be held at such physical place as may be
fixed by or under the by-laws, or if not so fixed, as determined by the
board of managers. Provided, however, that the board of managers may, in
its sole discretion, determine that the meeting be held solely or
partially by means of electronic communication, the platform/service of
which shall be the place of the meeting for purposes of this article.
Nothing contained in this paragraph shall prohibit a board of managers
from holding a meeting at a physical place and allowing unit owners the
option of attending such meeting either at such physical place or by
means of electronic communication.

(c) Election of a president from among the board of managers who shall
preside over the meetings of such board and of the unit owners.

(d) Election of a secretary who shall keep a record wherein actions of
such board and of meetings of the unit owners shall be recorded.

(e) Election of a treasurer who shall keep the financial records and
books of account.

(f) Operation of the property, payment of the common expenses and
determination and collection of the common charges.

(g) The manner of designation and removal of persons employed for the
operation of the property.

(h) Method of adopting and of amending administrative rules and
regulations governing the details of the operation and use of the common
elements.

(i) Such restrictions on and requirements respecting the use and
maintenance of the units and the use of the common elements, not set
forth in the declaration, as are designed to prevent unreasonable
interference with the use of their respective units and of the common
elements by the several unit owners.

(j) The percentage of the unit owners, but not less than sixty-six and
two-thirds per cent in number and common interest except in the case
where all units are non-residential, which may at any time modify or
amend the by-laws.

2. The by-laws may also provide for the following:

(a) Provisions governing the alienation, conveyance, sale, leasing,
purchase, ownership and occupancy of units, provided, however, that the
by-laws shall contain no provision restricting the alienation,
conveyance, sale, leasing, purchase, ownership and occupancy of units
because of race, creed, color or national origin.

(b) Provisions governing the payment, collection and disbursement of
funds, including reserves, to provide for major and minor maintenance,
repairs, additions, improvements, replacements, working capital, bad
debts and unpaid common expenses, depreciation, obsolescence and similar
purposes.

(c) The form by which the board of managers, acting on behalf of the
unit owners, where authorized by this statute or the declaration, may
acquire and hold any unit and lease, mortgage and convey the same.

(d) Any other provisions, not inconsistent with the provisions of this
article, relating to the operation of the property.