Contents of Bylaws

The bylaws shall provide for at least the following:

(a)The election of a Board of Directors, the number of persons constituting the same, and that the terms of at least one-third (1/3) of the directors shall expire annually; the powers and duties of the Board; the compensation, if any, of the directors; the method of removal from office of directors; and whether or not the Board may engage the services of manager or managing agent, or both, and specifying which of the powers and duties granted to the Board by this Chapter or otherwise may be delegated by the Board to either or both of them. COL070307 CH. 45 HORIZONTAL PROPERTY ACT

(b)Method of calling meetings of the apartment owners; what percentage, if other than a majority of apartment owners, constitutes a quorum; and what percentage is, consistent with this Chapter, necessary to adopt decisions binding on all apartment owners.

(c)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 apartment owners.

(d)Election of a secretary who shall keep the minute book wherein resolutions 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)Manner of collecting from the apartment owners their share of the common expenses.

(h)Designation and removal of personnel necessary for the maintenance, repair, and replacement of the common elements.

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

(j)Such restrictions on and requirements respecting the use and maintenance of the apartments 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 apartments and of the common elements by the several apartment owners.

(k)That seventy-five percent (75%) of the apartment owners may at any time modify or amend the bylaws, but each one of the particulars set forth in this section shall always be embodied in the bylaws.