(1) There shall be a Board of Managers in respect of each association to carry on and manage the aff airs and business of the association:
Provided that for the societies in existence as on the date of commencement of the Act, the executive committee of the existing society shall be deemed to be the board of managers of such society for the purpose of this Act.
(2) The board of managers shall be one-third of the number of apartment owners of the property but not exceeding twenty-one.
(3) The board of managers shall act as the trustees of the members of the association and be responsible for overall management of the assets of the association, operation and management of all its common areas and facilities including the limited common areas and facilities and shall exercise all powers as are required to be exercised in the effi cient discharge of its functions and responsibilities.
(4) Subject to a minimum of three, the quorum for the meetings of the board of managers shall be one-third of the total members of the Board.