(1) Every property shall be administered in accordance with such bye-laws as may be framed by the competent authority with the prior approval of the State Government.
(2) The bye-laws shall provide for the following amongst other matters, namely:-
(a) the manner in which the association of apartment owners is to be formed, the election of a board of managers from amongst the apartment owners, the number of persons constituting the board, the number of members of such board; to retire annually, the powers and duties of the board; the honorarium, if any, of the members of the board, the method of removal from office of members of the board; the powers of the board to engage the services of a secretary or manager, delegation of powers and duties to such secretary or manger;
(b) method of calling meeting of the apartment owners and the number to constitute a quorum;
(c) election of a president who shall preside over the meetings of the board and of the association of apartment owners;
(d) maintenance, repair and replacement of the common areas and facilities and payments therefor;
(e) manner of collecting share of the common expenses from the apartment owners;
(f) any other matter considered to be necessary for the administration of the property.