New Mexico Statutes 47-7C-2. Powers of unit owners’ association
A. Except as provided in Subsection B of this section, and subject to the provisions of the declaration, the association may:
Terms Used In New Mexico Statutes 47-7C-2
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Personal property: All property that is not real property.
(1) adopt and amend bylaws and rules and regulations;
(2) adopt and amend budgets for revenues, expenditures and reserves and collect assessments for common expenses from unit owners;
(3) hire and discharge managing agents and other employees, agents and independent contractors;
(4) institute, defend or intervene in litigation or administrative proceedings in its own name on behalf of itself or two or more unit owners on matters affecting the condominium;
(5) make contracts and incur liabilities;
(6) regulate the use, maintenance, repair, replacement and modification of common elements;
(7) cause additional improvements 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 or personal property, but common elements shall be conveyed or subjected to a security interest only pursuant to Section 45 [47-7C-12 N.M. Stat. Ann.] of the Condominium Act;
(9) grant easements, leases, licenses and concessions through or over the common elements;
(10) impose and receive any payments, fees or charges for the use, rental or operation of the common elements, other than limited common elements described in Subsections B and D of Section 14 [47-7B-2 N.M. Stat. Ann.] of the Condominium Act, and for services provided to the unit owners;
(11) impose charges for late payment of assessments and, after notice and an opportunity to be heard, levy reasonable fines for violations of the declaration, bylaws and rules and regulations of the association;
(12) impose reasonable charges for the preparation and recordation of amendments to the declaration, resale certificates required by Section 61 [47-7D-9 N.M. Stat. Ann.] of the Condominium Act or statements of unpaid assessments;
(13) provide for the indemnification of its officers and executive board and maintain directors’ and officers’ liability insurance;
(14) assign its right to future income, including the right to receive common expense assessments, but only to the extent the declaration expressly so provides;
(15) exercise any other powers conferred by the declaration or bylaws; (16) exercise all other powers that may be exercised in this state by legal entities of the same type as the association; and
(17) exercise any other powers necessary and proper for the governance and operation of the association.
B. The declaration shall not impose limitations on the power of the association to deal with the declarant which are more restrictive than the limitations imposed on the power of the association to deal with other persons.