Nevada § 116B.420 - Powers of unit-owners’ association

§ 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.