§514B-108 
Bylaws.  (a)  A
true copy of the bylaws shall be recorded in the same manner as the
declaration.  No amendment to the bylaws is valid unless the amendment is duly
recorded.



(b) 
The bylaws shall provide for at least the following:



(1)  The number of
members of the board and the titles of the officers of the association;



(2)  Election by
the board of a president, treasurer, secretary, and any other officers of the
association the bylaws specify;



(3)  The
qualifications, powers and duties, terms of office, and manner of electing and
removing directors and officers and the filling of vacancies;



(4)  Designation
of the powers the board or officers may delegate to other persons or to a
managing agent;



(5)  Designation
of the officers who may prepare, execute, certify, and record amendments to the
declaration on behalf of the association;



(6)  The compensation, if any, of the directors;



(7)  Subject
to subsection (e), a method for amending the bylaws; and



(8)  The
percentage, consistent with this chapter, that is required to adopt decisions
binding on all unit owners; provided that votes allocated to lobby areas,
swimming pools, recreation areas, saunas, storage areas, hallways, trash
chutes, laundry chutes, and other similar common areas not located inside units
shall not be cast at any association meeting, regardless of their designation
in the declaration.



(c)
 The bylaws may provide for staggering the terms of directors by
dividing the total number of directors into groups.  The terms of office of the
several groups need not be uniform.



(d) 
Subject to the provisions of the declaration, the bylaws may provide for any
other matters the association deems necessary and appropriate.



(e) 
The bylaws may be amended at any time by the vote or written consent of at
least sixty-seven per cent of all unit owners.  Any proposed bylaws together
with the detailed rationale for the proposal may be submitted by the board or
by a volunteer unit owners group.  If submitted by that group, the proposal
shall be accompanied by a petition signed by not less than twenty-five per cent
of the unit owners as shown in the association's record of ownership.  The
proposed bylaws, rationale, and ballots for voting on any proposed bylaw shall
be mailed by the board to the owners at the expense of the association for vote
or written consent without change within thirty days of the receipt of the
petition by the board.  The vote or written consent, to be valid, must be
obtained within three hundred sixty-five days after mailing for a proposed
bylaw submitted by either the board or a volunteer unit owners group.  If the
bylaw is duly adopted, the board shall cause the bylaw amendment to be
recorded.  The volunteer unit owners group shall be precluded from submitting a
petition for a proposed bylaw that is substantially similar to that which has
been previously mailed to the owners within three hundred sixty-five days after
the original petition was submitted to the board.



This subsection shall not preclude any unit
owner or volunteer unit owners group from proposing any bylaw amendment at any
annual association meeting. [L 2004, c 164, pt of §2; am L 2006, c 273, §18]