Sec. 2 . The bylaws must provide for the following:
(1) With respect to the board of directors:
(A) the election of the board from among the co-owners;
(B) the number of persons constituting the board;
(C) the expiration of the terms of at least one-third ( 1/3 ) of the directors annually;
(D) the powers and duties of the board, including whether the board may engage the services of a manager or managing agent;
(E) the compensation, if any, of the directors; and
(F) the method of removal from office of directors.
(2) The method of calling meetings of the co-owners and the percentage, if other than a majority of co-owners, that constitutes a quorum.
(3) The election from among the board of directors of a president, who shall preside over the meetings of:
(A) the board of directors; and
(B) the association of co-owners.
(4) The election of a secretary, who shall keep the minute book in which resolutions shall be recorded.
(5) The election of a treasurer, who shall keep the financial records and books of account.
(6) The maintenance, repair, and replacement of the common areas and facilities and payments for that maintenance, repair, and replacement, including the method of approving payment vouchers.
(7) The manner of collecting from each condominium owner the owner's share of the common expenses.
(8) The designation and removal of personnel necessary for the maintenance, repair, and replacement of the common areas and facilities.
(9) The method of adopting and of amending administrative rules governing the details of the operation and use of the common areas and facilities.
(10) The restrictions on and requirements respecting the use and maintenance of the condominium units and the use of the common areas and facilities that are:
(A) not set forth in the declaration; and
(B) designed to prevent unreasonable interference with the use of their respective units and of the common areas and facilities by the several co-owners.
(11) The percentage of votes required to amend the bylaws. The percentage may not exceed seventy-five percent (75%).
(12) A statement of the percentage of votes by the condominium unit owners required to convey or encumber part or all of the common areas and facilities. A statement under this subdivision may not allow less than ninety-five percent (95%) of the condominium unit owners, or less than ninety-five percent (95%) of the owners of condominium units not owned by the declarant, to convey or encumber part or all of the common areas and facilities. If the bylaws do not include a statement under this subdivision, IC 32-25-4-3.5 applies.
(13) Other provisions consistent with this article considered necessary for the administration of the property.
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