In addition to any other powers provided by applicable law and this chapter, and unless otherwise provided by the dedicatory instruments of the property owners’ association, the association, acting through its board of directors, may:
(1) adopt and amend bylaws;
(2) adopt and amend budgets for revenues, expenditures, and reserves and collect assessments for common expenses from property owners;
(3) adopt reasonable rules;
(4) hire and terminate managing agents and other agents, employees, and independent contractors;
(5) institute, defend, intervene in, settle, or compromise litigation or administrative proceedings on matters affecting a property governed by the association;
(6) make contracts and incur liabilities relating to the operation of the association;
(7) regulate the use, maintenance, repair, replacement, modification, and appearance of the property governed by the association;
(8) make improvements to be included as a part of the common area;
(9) acquire, hold, encumber, and convey in its own name any right, title, or interest to real or personal property;
(10) purchase an investment property that is not part of the common area;
(11) grant easements, leases, licenses, and concessions through or over the common elements;
(12) impose and receive payments, fees, or charges for the use, rental, or operation of the common area and for services provided to property owners;
(13) impose interest, late charges, and, if applicable, returned check charges for late payments of regular assessments or special assessments;
(14) charge costs to an owner’s assessment account and collect the costs in any manner provided in the restrictions for the collection of assessments;
(15) adopt and amend rules regulating the collection of delinquent assessments;
(16) impose reasonable charges for preparing, recording, or copying amendments to resale certificates or statements of unpaid assessments;
(17) purchase insurance and fidelity bonds, including directors’ and officers’ liability insurance, that the board considers appropriate or necessary;
(18) subject to the requirements of the provisions described by § 1.008(d), Business Organizations Code, and by majority vote of the board, indemnify a director or officer of the association who was, is, or may be made a named defendant or respondent in a proceeding because the person is or was a director or officer;
(19) if the restrictions vest the architectural control authority in the association:
(A) implement written architectural control guidelines for its own use, or record the guidelines in the real property records of the applicable county; and
(B) modify the guidelines as the needs of the development change;
(20) exercise self-help with regard to property governed by the association;
(21) exercise other powers conferred by the dedicatory instruments;
(22) exercise other powers necessary and proper for the governance and operation of the association; and
(23) exercise any other powers that may be exercised in this state by a corporation of the same type as the association.