(1) The administration of every property shall be governed by bye-laws a true copy of which shall be annexed to the Declaration. No modification of or amendment to the bye-laws shall be valid, unless set forth in an amendment to the Declaration, and such amendment is duly recorded, and a copy thereof is duly filed with the competent authority.
(2) The bye-laws shall provide for the following matters, namely :-
(a) The election from among the apartment owners 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 Secretary, a Manager or Managing Agent, and specifying which of the powers and duties granted to the Board by this Act or otherwise may be delegated by the Board to either or both of them ;
(b) Method of calling meetings of the apartment owners ; what percentage, if other than a majority of apartment owners, shall constitute a quorum ;
(c) Election of a President from among the members of the Board of Managers who shall preside over the meetings of such Board and of the Association of Apartment Owners ;
(d) Election of a Secretary who shall keep a minute book wherein resolutions shall be recorded ;
(e) Election of a Treasurer who shall keep the financial records and books of accounts ;
(f) Maintenance, repair and replacement of the common areas and facilities and payments therefor ;
(g) Manner of collecting from the apartment owners their share of the common expenses ;
(h) Designation and removal of persons employed for the maintenance, repair and replacement of the common areas and facilities ;
(i) The method of adopting and of amending administrative rules and regulations governing the details of the operation and use of the common areas and facilities ;
(j) Such restrictions on the requirements respecting the use and maintenance of the apartments and the use of the common areas and facilities not set forth in the Declaration, as are designed to prevent unreasonable interference with the use of their respective apartments and of the common areas and facilities by the several apartment owners ;
(k) The percentage of the votes required to amend the bye-laws.
(3) The bye-laws may also provide for the following matters, namely :-
(a) Subject to the provisions of this Act, provision for regulating transfer or partition of any apartment and percentage of undivided interest in the common areas and facilities appurtenant to such apartment, subject to such terms and conditions as may be specified in the bye-laws ;
(b) Provisions enabling the Board of Managers to retain certain areas of the building and lease to non-residents for commercial purposes and for distribution of resulting proceeds to the apartment owners as income or application thereof in reduction of their common charges for maintaining the building ;
(c) Any other provisions not inconsistent with the provisions of this Act, relating to the audit and accounts and administration of the property and annual and special general meetings, annual report and the like.