Section 339-V. Contents of by-laws

1. The by-laws shall provide for at
  least the following:
    (a) The nomination and election of a board of managers, the number  of
  persons  constituting the same, and that the terms of at least one-third
  of the members of such board  shall  expire  annually;  the  powers  and
  duties  of  the  board;  the compensation, if any, of the members of the
  board; the method of removal from office of members of  the  board;  and
  whether  or  not  the  board  may  engage  the  services of a manager or
  managing agent or both, and specifying which of the  powers  and  duties
  granted  to  the  board by this article or otherwise may be delegated by
  the board to either or both of them. Nothing contained herein shall  bar
  the  incorporation of the board of managers under applicable statutes of
  this state;  such  incorporation  must  be  consistent  with  the  other
  provisions of this article and the nature of the condominium purpose.
    (b)  Method of calling meetings of the unit owners; what percentage of
  the unit owners, if other than a majority, shall  constitute  a  quorum;
  and  what  percentage shall, consistent with the provisions of this act,
  be necessary to adopt decisions binding on all unit owners.
    (c) Election of a president from among the board of managers who shall
  preside over the meetings of such board and of the unit owners.
    (d) Election of a secretary who shall keep a record wherein actions of
  such board and of meetings of the unit owners 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) The manner of designation and removal of persons employed for  the
  operation of the property.
    (h)  Method  of  adopting  and  of  amending  administrative rules and
  regulations governing the details of the operation and use of the common
  elements.
    (i) Such restrictions on  and  requirements  respecting  the  use  and
  maintenance  of  the  units  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 units and of the common
  elements by the several unit owners.
    (j) The percentage of the unit owners, but not less than sixty-six and
  two-thirds per cent in number and common interest  except  in  the  case
  where  all  units  are  non-residential, which may at any time modify or
  amend the by-laws.
    2. The by-laws may also provide for the following:
    (a) Provisions governing the alienation,  conveyance,  sale,  leasing,
  purchase,  ownership and occupancy of units, provided, however, that the
  by-laws  shall  contain  no  provision   restricting   the   alienation,
  conveyance,  sale,  leasing,  purchase, ownership and occupancy of units
  because of race, creed, color or national origin.
    (b) Provisions governing the payment, collection and  disbursement  of
  funds,  including  reserves, to provide for major and minor maintenance,
  repairs, additions, improvements,  replacements,  working  capital,  bad
  debts and unpaid common expenses, depreciation, obsolescence and similar
  purposes.
    (c)  The  form by which the board of managers, acting on behalf of the
  unit owners, where authorized by this statute or  the  declaration,  may
  acquire and hold any unit and lease, mortgage and convey the same.
    (d) Any other provisions, not inconsistent with the provisions of this
  article, relating to the operation of the property.