§514B-109  Restatement of declaration and
bylaws.  (a)  Notwithstanding any other provision of this chapter or of any
other statute or instrument, an association at any time may restate the
declaration or bylaws of the association to set forth all amendments thereto by
a resolution adopted by the board.



(b)  Subject to section 514B‑23, an
association at any time may restate the declaration or bylaws of the
association to amend the declaration or bylaws as may be required in order to
conform with the provisions of this chapter or of any other statute, ordinance,
or rule enacted by any governmental authority, or to correct the percentage of
common interest for the project so it totals one hundred per cent, by a
resolution adopted by the board.  If the restated declaration is to correct the
percentage of common interest for the project so that it totals one hundred per
cent, the proportion of each unit owner's percentage of common interest shall
remain the same in relation to the other unit owners.  The restated declaration
or bylaws shall be as fully effective for all purposes as if adopted by a vote
or written consent of the unit owners.



Any declaration or bylaws restated pursuant to
this subsection shall:



(1)  Identify each portion so restated;



(2)  Contain a statement that those portions have been
restated solely for purposes of information and convenience;



(3)  Identify the statute, ordinance, or rule
implemented by the amendment; and



(4)  Contain a statement that, in the event of any
conflict, the restated declaration or bylaws shall be subordinate to the cited
statute, ordinance, or rule.



(c)  Upon the adoption of a resolution pursuant
to subsection (a) or (b), the restated declaration or bylaws shall set forth
all of the operative provisions of the declaration or bylaws, as amended,
together with a statement that the restated declaration or bylaws correctly
sets forth without change the corresponding provisions of the declaration or
bylaws, as amended, and that the restated declaration or bylaws supersede the
original declaration or bylaws and all prior amendments thereto.  If the
restated declaration corrects the percentage of common interest as provided in
subsection (b), the restated declaration shall also amend the recorded
conveyance instruments that govern the unit owner's interest in the unit.



(d)  The restated declaration or bylaws must be
recorded and, upon recordation, shall supersede the original declaration or
bylaws and all prior amendments thereto.  In the event of any conflict, the
restated declaration or bylaws shall be subordinate to the original declaration
or bylaws and all prior amendments thereto. [L 2004, c 164, pt of §2; am L
2006, c 273, §19]