Section 116B.420 - Powers of unit-owners' association Subject to the provisions of the declaration, the association:
1. Shall adopt and, except as otherwise provided in the bylaws, may amend bylaws and may adopt and amend rules and regulations pertaining to the common elements. Unless otherwise provided in the declaration, bylaws, rules or regulations adopted by the association must not attempt to exercise any control over the hotel unit or the shared components.2. Shall adopt and may amend budgets in accordance with the requirements set forth in NRS 116B.600, may collect assessments for common expenses from the units' owners and may invest funds of the association in accordance with the requirements set forth in NRS 116B.577.3. May hire and discharge managing agents and other employees, agents and independent contractors of the association.4. May institute, defend or intervene in litigation or in arbitration, mediation or administrative proceedings in its own name on behalf of itself or two or more units' owners on matters affecting the condominium hotel.5. May make contracts and incur liabilities with regard to the common elements.6. May regulate the use, maintenance, repair, replacement and modification of common elements.7. May cause additional improvements to be made as a part of the common elements.8. May acquire, hold, encumber and convey in its own name any right, title or interest to real estate or personal property, but common elements may be conveyed or subjected to a security interest only pursuant to NRS 116B.560.9. May grant easements, leases, licenses and concessions through or over the common elements.10. May impose and receive any payments, fees or charges for the use, rental or operation of the common elements.11. May impose charges for late payment of assessments on common elements.12. May impose reasonable fines for violations of the governing documents of the association only if the association complies with the requirements set forth in NRS 116B.430.13. May provide for the indemnification of its officers and executive board and maintain directors' and officers' liability insurance.14. May assign its right to future income, including the right to receive assessments for common expenses, but only to the extent the declaration expressly so provides.15. May exercise any other powers conferred by the declaration or bylaws.16. May exercise any other powers necessary and proper for the governance and operation of the association.Added to NRS by 2007, 2213; A 2015, 1222Amended by 2015, Ch. 257,§20, eff. 10/1/2015.Added to NRS by 2007, 2213