Section 47-7-20 - Contents of bylaws. - New Mexico Statutes

47-7-20. Contents of bylaws.

The bylaws may provide for:   

A.     the election from among the unit owners of a board of directors, the number of persons constituting the board, and that the terms of at least one-third of the directors shall expire annually; the powers and duties of the board; the compensation of the directors; and the authority of the board to engage the services of a manager or managing agent;   

B.     the method of calling meetings of the unit owners; what number of unit owners shall constitute a quorum;   

C.     the election of a president from among the board of directors who shall preside over the meetings of the board of directors and of the association of unit owners;   

D.     the election of a secretary who shall keep the minute book in which resolutions shall be recorded;   

E.     the election of a treasurer who shall keep the financial records and books of account;   

F.     the maintenance, repair and replacement of the method of approving payment vouchers;   

G.     the manner of collecting from each unit owner his share of the common expenses;   

H.     the designation and removal of personnel necessary for the maintenance, repair and replacement of the common areas and facilities; designation, and any changes, of agent for process;   

I.     the method of adopting and of amending administrative rules and regulations governing the details of the operation and the use of the common areas and facilities;   

J.     the restrictions on and requirements of the use and maintenance of the units and the use of the common areas and facilities, not set forth in the declaration, which are designed to prevent unreasonable interference with the use of units and of the common areas and facilities by the several unit owners;   

K.     a method by which the manager, the board of directors or the association of unit owners may lease or rent unsold units; provided, that nothing in the Building Unit Ownership Act shall be construed to prevent the lease or rental of unsold units by the proper authorities before bylaws are adopted or before the declaration is executed;   

L.     the percentage of votes required to amend the bylaws; and   

M.     other provisions as may be deemed necessary for the administration of the property consistent with the Building Unit Ownership Act.