N.Y. Real Property Law § 339-v: Contents of by-laws

§ 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) Methods 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

section, be necessary to adopt decisions binding on all unit owners.

Meetings of unit owners may be held at such physical place as may be

fixed by or under the by-laws, or if not so fixed, as determined by the

board of managers. Provided, however, that the board of managers may, in

its sole discretion, determine that the meeting be held solely or

partially by means of electronic communication, the platform/service of

which shall be the place of the meeting for purposes of this article.

Nothing contained in this paragraph shall prohibit a board of managers

from holding a meeting at a physical place and allowing unit owners the

option of attending such meeting either at such physical place or by

means of electronic communication.

(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.