§ 47F-3-102. Powers of owners' association. - North Carolina Statutes

§ 47F‑3‑102. Powers of owners' association.

Unless the articles ofincorporation or the declaration expressly provides to the contrary, theassociation may:

(1)        Adopt and amendbylaws and rules and regulations;

(2)        Adopt and amendbudgets for revenues, expenditures, and reserves and collect assessments forcommon expenses from lot owners;

(3)        Hire and dischargemanaging agents and other employees, agents, and independent contractors;

(4)        Institute, defend,or intervene in litigation or administrative proceedings on matters affectingthe planned community;

(5)        Make contracts andincur liabilities;

(6)        Regulate the use,maintenance, repair, replacement, and modification of common elements;

(7)        Cause additionalimprovements to be made as a part of the common elements;

(8)        Acquire, hold,encumber, and convey in its own name any right, title, or interest to real orpersonal property, provided that common elements may be conveyed or subjectedto a security interest only pursuant to G.S. 47F‑3‑112;

(9)        Grant easements,leases, licenses, and concessions through or over the common elements;

(10)      Impose and receiveany payments, fees, or charges for the use, rental, or operation of the commonelements other than the limited common elements and for services provided to lotowners;

(11)      Impose reasonablecharges for late payment of assessments, not to exceed the greater of twentydollars ($20.00) per month or ten percent (10%) of any assessment installmentunpaid and, after notice and an opportunity to be heard, suspend privileges orservices provided by the association (except rights of access to lots) duringany period that assessments or other amounts due and owing to the associationremain unpaid for a period of 30 days or longer;

(12)      After notice and anopportunity to be heard, impose reasonable fines or suspend privileges orservices provided by the association (except rights of access to lots) forreasonable periods for violations of the declaration, bylaws, and rules andregulations of the association;

(13)      Impose reasonablecharges in connection with the preparation and recordation of documents,including, without limitation, amendments to the declaration or statements ofunpaid assessments;

(14)      Provide for theindemnification of and maintain liability insurance for its officers, executiveboard, directors, employees, and agents;

(15)      Assign its right tofuture income, including the right to receive common expense assessments;

(16)      Exercise all otherpowers that may be exercised in this State by legal entities of the same typeas the association; and

(17)      Exercise any otherpowers necessary and proper for the governance and operation of theassociation. (1998‑199,s. 1; 2004‑109, s. 4; 2005‑422, s. 1.)